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Rupee falls; RBI impact less than feared
India ran out of warehouse space to hold another bumper crop, a core problem of the nation's food crisis.
10 May 2012, 12:43 PM IST 
Newly-elected French President Francois Hollande (L) with outgoing Culture Minister Frederic Mitterrand
The rupee edged lower, now at 53.27/28 vs 52.95 intraday low, though still below Wednesday's close at 53.85.
Traders say only about $2.5 billion-$3 billion would need to be converted by exporters over the next two weeks, after the RBI's measures, far below what traders had initially feared.
The foreign currency coming from exporters' conversion would not even be enough to meet import daily needs, trader says.
Dealer tips 52.90-53.40/45 range for session.
Copyright Thomson Reuters 2012