PN:Rupee edges higher on RBI dollar credit facility
The rupee rose to 54.38/39 versus its previous close of 54.4950/5050 against the dollar following the Reserve Bank of India's decision to start an export dollar credit facility.
The RBI has opened a special window to provide exporters with dollar credit by allowing banks to borrow the greenback from the central bank under a swap facility.
Traders say the facility is a positive for the market as it will ease dollar funding pressure on exporters and take the demand off the market.
Most other Asians are trading stronger compared to the dollar, also hurting the pair.
The pair is expected to hold in a 54.25-54.55 range, traders say.
