RBI asks banks to furnish details of exporters' funds

MUMBAI, AUG. 11. In a bid to stabilise the volatile forex market and also arrest the slide of the rupee after it tumbled down to a new all time low of Rs. 46.05/10 to the dollar, the Reserve Bank of India today asked banks to furnish details of unused funds of exporters parked overseas.

``An estimated $2 billion is lying unused abroad in the Exchange Earners Foreign Currency account (EEFC)", a senior RBI official said here today. Though no circular had been issued today in this regard, banks had been asked to indicate EEFC balances, the official added.

Dealers were expecting the RBI to come out with a circular on Monday asking the exporters to bring back their unused export proceeds parked abroad.

This move by the apex bank follows persistent queries from forex dealers whether it was contemplating to ask the exporters to bring in their unused funds lying abroad.

The official was of the opinion that channelising these funds into the country would shore up dollar supplies in the market.The rupee today opened at Rs. 45.87/95 against the previous close of 45.86/88 and touched a high of 46.08/10. After the forex dealers got in touch with the RBI on the issue of repatriating funds parked abroad, the rupee climbed up to 45.78/80 before finally closing at 45.79/81.

- PTI

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