Rupee gains most in nearly 13 years after forex curbs
Mumbai, April 3 -- The rupee staged a sharp recovery on Thursday after the Reserve Bank of India (RBI) rolled out a fresh set of forex restrictions aimed at curbing speculation, but market participants believe that the relief may be temporary amid persistent external pressures.
After a volatile session on Monday, the rupee opened sharply higher at 93.25 against the US dollar on Thursday. The local unit touched a high of 92.82, before closing at 93.1050, the highest percentage gain in a single day since September 2013.
On Friday, the rupee had hit an all-time low of 94.8325.
The appreciation of nearly 2% on Wednesday followed the central bank's 1 April announcement of a second set of measures to curb speculation. RBI targeted the rebooking o...
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