Rupee vaults 82 paise to 94.96 against US dollar in early trade
RBI measures to reduce dollar demand and curb excessive positions in the forex market lift rupee
On Tuesday, the Indian rupee strengthened by 82 paise to reach 94.96 against the US dollar, according to early trade reports. This gain was attributed to several measures implemented by the Reserve Bank of India (RBI) to reduce immediate demand for dollars and limit excessive positions in the foreign exchange market. Forex traders suggested that initiatives like a dedicated dollar window for oil marketing companies through specific banks and higher costs for certain foreign exchange hedging transactions would help curb dollar demand in the spot market and prevent speculative positions against the rupee.
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