The stability can be attributed to steady exchange rates in the inter-bank market which showed the dollar price at Rs155 on lower side and Rs155.10 on higher side on Friday.
“One of the biggest reasons is that the country has come out from huge current account deficit of $20 billion in fiscal year 2018 and now[in] October, [it] posted a surplus for the first time after four years,” explained Bostan.
He said both risk and attraction for dollar investment has gone. Now those holding dollars are liquidating them to get rupee and benefit from the much higher returns on the local currency deposits. Due to high policy interest rate of 13.25pc, the local currency investors could get double-digit returns on long-term deposits.
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