Govt's decision to act sends dollar bulls for cover, rupee stages recovery

Dollar long positions had to be cut off and margins calls triggered as the rupee recorded sharp recovery after Economic Affairs Secretary Subhash Chandra Garg tweeted that the government and the Reserve Bank of India (RBI) are going to check rupee slide.

Media reports were also doing the rounds since morning that the government and the RBI could be taking a call on dollar bond issuance or deposit schemes for non-resident Indians.

Equity markets rallied after two days of sharp losses on hopes that the Centre will take steps to address the macroeconomic concerns.

According to Hitendra Dave, head of