Rupee logs best day since May, up 97p
The Indian rupee experienced its strongest single-day gain since May, closing at 89.27 per dollar, up 97 paise. This rebound followed a period of record lows, driven by aggressive Reserve Bank of India intervention and corporate dollar inflows. The central bank's proactive measures appear to have countered speculative attacks, shifting the short-term outlook for the rupee.
The Indian rupee experienced its strongest single-day gain since May, closing at 89.27 per dollar, up 97 paise. This rebound followed a period of record lows, driven by aggressive Reserve Bank of India intervention and corporate dollar inflows. The central bank's proactive measures appear to have countered speculative attacks, shifting the short-term outlook for the rupee.
