Rupee jumps 96 paise to close at 95.75 against US dollar
At the interbank foreign exchange market, the rupee opened at 95.61 against the US dollar; in intraday trade, the rupee touched a high of 95.57 and a low of 95.96 against the greenback
The Indian rupee surged 96 paise on Monday, closing at 95.75 against the US dollar following an intervention by the Reserve Bank of India (RBI) to strengthen the domestic currency. Forex traders attributed the sharp gain to the RBI's measures aimed at reducing demand for dollars in the spot market and limiting excessive foreign exchange positioning.
The RBI's actions included tightening rules for forex derivatives trades and instructing banks to maintain a 20 percent reserve for dollar purchases exceeding $2 million. Experts forecast that these interventions will provide temporary support to the rupee, but sustained recovery hinges on factors such as crude oil prices, capital flows, and global market conditions.
The rupee opened at 95.61 against the US dollar in interbank foreign exchange markets, reaching a high of 95.57 and a low of 95.96 during the day. At the close of trading on Monday, the rupee settled at 95.75, marking a significant 96-paise increase from its previous close.
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