The Indian rupee ended higher by 94 pasie to 52.70/71 per US dollar on fresh selling of dollars after the Reserve Bank of India imposed restrictions on forward trading and banks' exposure to the forex market to check the slide of the domestic currency.
The rupee resumed higher at Rs 52.90/91 per dollar on the Interbank Foreign Exchange, as against its previous close of Rs 53.64/65 per dollar, and shot up further to Rs 52.20 per dollar before ending at 52.70/71 per dollar, showing a gain of 94 paise or 1.75 per cent.
It moved in a range of 52.20 per dollar and 53.02 per dollar during the day.
Perspective | Global contagion stings rupee Fresh selling of dollars by banks in view of restrictions imposed by the Reserve Bank of India (RBI) on forward trading and banks' exposure to the forex market mainly boosted the rupee value against the dollar, a forex dealer said.
Concerned over economic slowdown, the Reserve Bank today kept interest rates unchanged and indicated that it could cut key policy rates from now onwards to arrest falling growth while keeping a close vigil on inflation.
Meanwhile, the Indian benchmark
Sensex dropped by 345 points or 2.18 per cent.
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