Exporters need to sell $2.5-$3 bn after RBI move: sources

Mumbai: Exporters will need to convert about $2.5-$3 billion dollars into rupees from their foreign exchange accounts following the Reserve Bank of India’s directive on Thursday.

The RBI asked exporters to convert half of their balances in the exchange earner’s foreign currency (EEFC) account to rupees, a measure to prop up the battered Indian currency.

“The amount that will come into the market is not too large. But it is important that exporters follow the letter and spirit of the facilities given in the EEFC account and not keep buying dollars from the market despite having dollars in these accounts,” said a senior RBI official.