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The Economic Times
The Economic Times
Nikhil Agarwal

Rupee stages stunning ₹1 comeback against dollar: What’s the RBI’s 4-step shock therapy and how long can it last?

Reserve Bank of India Indian Rupee India Oil Stock Market silver Gold

The Indian rupee surged nearly ₹1 against the US dollar on Monday after the Reserve Bank of India (RBI) moved to choke off two major sources of pressure on the currency: oil companies’ spot market dollar demand and corporate hedging bets on further depreciation.

The rupee opened at 95.76 to the dollar, up 97 paise from Friday’s close of 96.73. It was the standout performer among Asian currencies, most of which traded in a narrow range.

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