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Exporters need to sell $2.5-$3 billion after RBI move
India ran out of warehouse space to hold another bumper crop, a core problem of the nation's food crisis.
10 May 2012, 11:16 AM IST 
Newly-elected French President Francois Hollande (L) with outgoing Culture Minister Frederic Mitterrand
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 rupee.
"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.
Copyright Thomson Reuters 2012