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Rupee suffers setback

MUMBAI: The rupee suffered a sharp setback against the U.S. currency on Wednesday and ended at 40.52/53, reacting negatively to restrictions on external commercial borrowings (ECBs) imposed by the Government.

In a knee jerk reaction to new ECB norms aimed at curbing excessive foreign capital inflows, the rupee opened sharply lower at 40.75/77 a dollar from the overnight close of 40.42 and touched the 40.84 level in late morning deals. The local currency later recovered losses in highly volatile trade at the interbank foreign exchange market. — PTI

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