Rupee Posts Sharpest Rally in Six Months After RBI Measures
The rupee rose about 1% to 95.77 per dollar from 96.73 on Friday after the RBI took steps to temper dollar demand in spot and derivatives markets. Likely intervention through dollar sales added to the gains.
The Indian rupee gained about 1% on Monday after the central bank acted to curb dollar demand in spot and derivatives markets. Likely dollar sales by the RBI also contributed to the rise. 73 on Friday, outperforming Asian currencies that were mostly rangebound.