Rupee Ends At 39.38 Against Dollar

Mumbai: Even while the Reserve Bank of India has expressed concerns over the currency movements affecting the real sector as a whole, besides exporters, the rupee ended five paise stronger against the greenback on Oct 30. The RBI has on Oct 30, increased the cash reserve ratio (the amount of money that banks have to set aside) by 50 basis points to mop up the surplus liquidity. The RBI''s intervention in the forex market in order to cap the appreciation of rupee has brought about surplus liquidity in the system and the CRR hike will mop up a part of it. The home currency opened at 39.42 and saw an intra-day high of 39.31 before ending the day at 39.37-38, up from the previous close of 39.42-43.