Punjab Newsline | New Delhi
The Indian Rupee made a remarkable comeback on Thursday, registering a strong recovery of 1.51 against the US Dollar in early trade after hitting historic lows. This surge was primarily driven by the Reserve Bank of India's (RBI) swift action to limit banks’ net open positions in the onshore forward delivery market.
However, the currency market continues to face pressure due to geopolitical tensions, rising crude oil prices, and selling by foreign investors.
In the interbank foreign exchange market, the Rupee opened at 94.62 and quickly climbed 1.6 percent to reach 93.19. Notably, the Rupee had previously closed at a historic low of 94.84 against the Dollar on Friday and had crossed the concerning 95 mark on Monday.