RBI eases norms on forex exchange earning retention
Compulsory conversion of a portion of foreign exchange into rupee was enforced to deal with sharp volatility of in the forex market since March this year.
The latest decision will help exporters
The latest decision will help exporters and corporates save conversion fee and enable them to hedge against volatility in forex market.
The hawkish stance is expected to raise the stakes for the government to take measures to boost growth with actions just as attracting foreign investment and reducing its fiscal deficit.