Posted 11/2/2023, 2:01:37 AM
Rupee Slides Ahead of IMF Talks As Banks Withhold Dollars
- Rupee depreciated significantly against the dollar on Wednesday ahead of IMF talks
- Currency experts blame banks for reversing exchange rate trend to profit from higher dollar rates
- Exporters have stopped selling dollar holdings causing supply to shrink and demand to rise
- Finance Minister is confident of successfully negotiating with IMF for release of $710 million tranche
- Central bank is buying dollars to keep reserves around $8 billion before IMF talks begin