CA Sansaar
Rupee Surges 1.6% to 93.14 After RBI’s Strategic Intervention
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The Indian rupee witnessed a sharp appreciation on Thursday, rising by 1.6% to close at 93.14 (provisional) against the US dollar, following a series of regulatory measures introduced by the Reserve Bank of India (RBI).
The move marked one of the currency’s most significant single-day gains in recent years, with the rupee strengthening by 156 paise by the end of the trading session.
The rally came after the RBI implemented steps aimed at tightening banks’ participation in the onshore forward market, which helped support the domestic currency. During the day, the rupee opened weaker at 94.62 but quickly gained momentum, surging by 188 paise to reach an intra-day high of 92.82 against the dollar.
Despite this strong recovery, market experts noted that the rupee continues to face underlying pressure due to persistent foreign fund outflows, a firm US dollar, and rising crude oil prices. Additionally, ongoing geopolitical uncertainties have added to currency volatility, keeping the overall outlook cautious.
The move marked one of the currency’s most significant single-day gains in recent years, with the rupee strengthening by 156 paise by the end of the trading session.
The rally came after the RBI implemented steps aimed at tightening banks’ participation in the onshore forward market, which helped support the domestic currency. During the day, the rupee opened weaker at 94.62 but quickly gained momentum, surging by 188 paise to reach an intra-day high of 92.82 against the dollar.
Despite this strong recovery, market experts noted that the rupee continues to face underlying pressure due to persistent foreign fund outflows, a firm US dollar, and rising crude oil prices. Additionally, ongoing geopolitical uncertainties have added to currency volatility, keeping the overall outlook cautious.
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