Rupee jumps 91 paise to 95.80 against US dollar in early trade
The rupee rebounded sharply from a record low level, gaining 91 paise to 95.80 against the US dollar in early trade on Monday, after the Reserve Bank of India stepped in with several measures to contain volatility in the currency exchange market.
The rupee rebounded sharply from a record low level, gaining 91 paise to 95.80 against the US dollar in early trade on Monday, after the Reserve Bank of India stepped in with several measures to contain volatility in the currency exchange market.
The Reserve Bank, on Saturday, announced several measures, including a dedicated dollar window for oil marketing companies through designated banks and higher costs for certain foreign exchange hedging transactions, to reduce dollar demand in the spot market and curb speculative positions.
Forex analysts said that these measures are expected to help the Indian currency sustain pressure from elevated crude oil prices and a strong dollar.
