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Rajan's exit pulls down rupee, but fails to affect market

India Blooms News Service | | Jun 20, 2016, at 04:42 pm

#Raghuram Rajan #rupee #Lowest in about one month #Outperformance of the rupee #Imminent departure

Mumbai, June 20 (IBNS) Reserve Bank Governor Raghuram Rajan's announcement for exit in September pulled down the rupee nearly by one per cent on Monday to hit 67.68, its lowest in about one month, reports said.

The rupee however made a modest recovery to 67.40 per dollar.

According to market experts, Rajan was the key force behind outperformance of the rupee as his imminent departure from the central bank is being viewed in a negative light by investors.

Rajan had announced on Saturday that he will return to academia after his current three-year term expires in September.

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