RBI clarifies measure on exporters’ forex holdings

Mumbai: The Reserve Bank of India (RBI) said on Wednesday the conversion of exchange earner’s foreign currency (EEFC) account balances into rupees will be applicable to available balances after netting off amounts on account of outstanding forward or option contracts booked before 10 May.

On 10 May, the RBI had asked exporters to sell half the foreign currency in their accounts, taking further measures to prop up the rupee.

The rupee slumped to a life low of 54.52 to the dollar on Wednesday.