Indian Rupee Strengthens on Record Foreign Inflows and RBI Intervention

Rupee gains 47 paise as record FCNR inflows boost forex liquidity

On Thursday morning, the Indian rupee saw a notable rise, fueled by an influx of foreign-currency deposits that enhanced the foreign-exchange liquidity of the country. This robust support helped mitigate global economic pressures. Additionally, interventions from the Reserve Bank of India played a crucial role in the rupee's ascent, as domestic equities began the day on a positive note, signaling encouraging market sentiments.

By SHIVANGHI PAYAL

Rupee holds firm at 94.97 as RBI intervenes with dollar sales

The Indian rupee remained above 95 against the dollar for a second day. Traders attribute this performance to aggressive dollar sales by the central bank. The rupee closed at 94.97, showing little movement during trading. This stability contrasted with a significant slump in equity markets. State-run banks likely sold dollars to prevent further depreciation past the 95 mark.