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The Economic Times
The Economic Times

Rupee climbs 1% to 95.76 vs USD after RBI moves to curb dollar demand

Reserve Bank of India Indian Rupee Barclays

The Indian rupee surged 1% at Monday's open after the central bank moved to alleviate pressure on the currency by diverting oil companies' dollar purchases away from the spot market and introduced measures expected to temper corporate demand for forward dollars.

The rupee opened at 95.76 to the dollar, having settled at 96.73 on Friday. The currency was a standout performer in Asia's foreign-exchange markets, with most regional peers trading in a narrow range.

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