Rupee rises by 1% on RBI intervention

R Amin01 mins mins

<h2>Rupee</h2> <p> rises by 1% on RBI intervention” title=”.” decoding=”async” fetchpriority=”high”/></p></div> </div> </div> </section> </div></div> </div> <p>The Indian rupee rallied strongly on Wednesday, surging nearly 1% after Reserve Bank of India went on the offensive following weeks of defending the currency, sparking speculation of a likely policy rethink.</p> <p>RBI likely sold dollars both in the offshore and onshore markets, according to people familiar with the matter who declined to be identified discussing private matters.<span class=The rupee, which had been teetering near record lows just a day earlier, staged its biggest intraday jump since June 24.

It rose as much as 0.9% to 87.99 per dollar before paring some of the gains, after having weakened to 88.8 on Tuesday.The heavy intervention echoed a move in Feb, when the central bank sold billions of dollars.

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