RBI measures sustains rupee as it opens 60 paise stronger

The Reserve Bank of India (RBI) implemented measures to curb speculation and contain volatility in the forex market, which appears to have sustained as the Indian Rupee opened 60 paise stronger on Tuesday. The currency opened at 95.17 per US Dollar, up from the previous close of 95.77, and is currently trading at 95.27. Monday saw a 1% appreciation, with the Rupee opening 97 paise stronger at 95.76 per USD.

These gains suggest that the RBI's interventions, including tighter rules on certain foreign exchange derivative positions and direct dollar supplies to state-owned oil companies, have provided the Rupee with meaningful near-term support. Analysts predict that if dollar demand in the spot market remains contained, USD/INR could extend its decline, potentially moving towards the 95.00–94.80 range in the near term.

Brief written by urgent.news from Hindu BusinessLine's own syndicated text. Machine-written — may contain errors; check the original before relying on it.