Rupee logs steepest single-day gain in over 6 months, closes at 95.75 against dollar
The rupee appreciated 96 paise, logging its steepest single-day gain in more than six months, to close at 95.75 (provisional) against the U.S. dollar on Monday after the Reserve Bank of India over the weekend stepped in with several measures aimed at bolstering the domestic currency.
Forex traders said the RBI’s measures could provide near-term support to the rupee by easing spot-market dollar demand and curbing excessive forex positioning.
