Brokerages call for $30-35 billion NRI bonds to strengthen rupee

Orchestrated demands to strengthen the rupee are being put in place even as the current account deficit (CAD) for the first quarter of this fiscal year widened to 2.4 per cent of gross domestic product, up from 1.9 per cent in the fourth quarter of 2017-18. 

The rupee on Friday reversed its seven-day losing streak to close at 71.74 a dollar from its previous close of 72. The latest figures the Reserve Bank of India released show that India’s foreign exchange reserves stood at $400 billion as of August 31. 

After Bank of America Merrill Lynch (BofaML), which has been a strong