Rupee rises 1% after RBI curbs dollar demand
In short
The rupee rose nearly 100 paise, or 1%, to 95.77 per US dollar on Monday. It opened at 95.76 after closing at 96.73 earlier, and it touched 95.5850 during the day.
This matters because the currency bounced back after pressure in the market. The reporting says the RBI clamped down on speculative trading, but it does not explain the exact step it took.
What the reporting says
The rupee jumped nearly 100 paise, or 1%, to 95.77 per US dollar on Monday after the RBI clamped down on speculative currency trading, according to a market summary. It opened at 95.76 versus the previous close of 96.73 and touched 95.5850 during the day. The reporting does not specify the exact RBI action beyond curbing dollar demand or say how long the move may last.
Why it matters
The rupee rallied nearly 100 paise, or 1%, to 95.77 per US dollar on Monday after the RBI clamped down on speculative currency trading. The move came after an open of 95.76 against a previous close of 96.73, with the currency strengthening to 95.5850 intraday. The reporting does not identify the precise RBI measure or whether the gains were sustained.