The Indian rupee on Wednesday climbed to its strongest level in more than a month extending gains amid a series of Reserve Bank of India (RBI) measures to curb forex speculation. The domestic currency rose 0.4 percent to 94.9125 against the US dollar.
\n\nRupee emerged as Asia's best-performing currency for the day, and the currency has gained around 2 percent this week. Rupee has recovered from last week's lows amid the central bank's efforts to ease pressure on the currency.
\n\nThe Rupee uptick was aided by the RBI's measures to shore up the currency. These include redirecting oil-related dollar demand away from the market, tightening compliance requirements for currency hedges, imposing cash margin requirements for importer hedges and banks' hedging of their own assets and liabilities.
\n\nSpeaking on the Rupee performace, Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said, "Rupee continued to trade strongly, extending its recovery after RBI measures to curb dollar buying supported a rebound from the double-bottom zone. However, the currency is now near 97.00, and further gains will depend on the Dollar Index remaining below 102.50 and crude oil prices staying below $105. The upcoming US CPI data will be a key…
Original source: https://www.timesnownews.com/business-economy
