Rupee jumps 82 paise to 94.96 against US dollar during early trade
The rupee appreciated 82 paise to 94.96 against US dollar in early trade on Tuesday, supported by various RBI measures aimed at reducing immediate dollar demand and curbing excessive positions in the foreign exchange market.
Forex traders said measures including a dedicated dollar window for oil marketing companies through designated banks and higher costs for certain foreign exchange hedging transactions, are expected to reduce dollar demand in the spot market and curb speculative positions against the rupee.
At the interbank foreign exchange market, the rupee opened at 95.53, then gained ground to touch 94.96, registering a gain of 82 paise over its previous close.
On Monday, the rupee appreciated 93 paise, logging its steepest single-day gain in more than six months, to close at 95.78 against the US dollar.
"With the RBI's measures supporting the rupee, we expect USD/INR to move towards 95.0094.80 range in the near term," CR Forex Advisors MD Amit Pabari said.
The RBI on Saturd
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