Mumbai, Oct 12: The rupee appreciated 96 paise, logging its steepest single-day gain in more than six months, to close at 95.75 (provisional) against the US dollar on Monday after the Reserve Bank of India over the weekend stepped in with several measures aimed at bolstering the domestic currency.
Forex traders said the RBI’s measures could provide near-term support to the rupee by easing spot-market dollar demand and curbing excessive forex positioning.
At the interbank foreign exchange market, the rupee opened at 95.61 against the US dollar; in intraday trade, the rupee touched a high of 95.57 and a low of 95.96 against the greenback.
At the end of the trading session on Monday, the rupee closed at 95.75 (provisional), registering a jump of 96 paise over its previous close.
Such a steep single-day gain was earlier recorded on April 2, when the local currency ended the session 166 paise higher against the greenback. (PTI)