Rupee surges 66 paise on RBI governor's remark, sensex up 776 points
MUMBAI: The rupee strengthened sharply on Monday, closing at 95.91 against the US dollar, up 66 paise from its previous close, after RBI governor Sanjay Malhotra signalled that the domestic currency was undervalued and highlighted robust foreign currency inflows .
The central bank's supportive messaging, coupled with market intervention, helped the rupee gain as much as 76 paise intraday. Dealers said RBI was seen intervening through public sector banks in both spot and forward markets, amplifying the currency's rally.
The central bank's supportive messaging, coupled with market intervention, helped the rupee gain as much as 76 paise intraday. Dealers said RBI was seen intervening through public sector banks in both spot and forward markets, amplifying the currency's rally.
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