Mumbai, April 6: The rupee gained 28 paise to close at 92.90 against the US dollar on Monday, following the Reserve Bank’s measures to curb speculative fervour and dampen volatility in the Indian currency.
Forex traders said that though the RBI measures are rupee-positive, unabated withdrawal of foreign capital, a firm dollar, and higher crude oil prices amid a volatile geopolitical situation continue to put pressure on the rupee.
The RBI tightened its rules to curb speculative positions and capped banks’ net open positions at USD 100 million.
At the interbank foreign exchange, the rupee opened at 93.13 against the US dollar and in intraday trade gained momentum to touch a high of 92.79 against the greenback.
At the end of Monday’s trading session, the rupee was quoted at 92.90 against the dollar, up 28 paise from its previous closing level. On Thursday, the rupee logged one of its steepest single-day gains in many years and settled 152 paise higher at 93.18 against the US dollar after the Reserve Bank stepped in with a slew of measures to restrict banks from onshore forward markets. (PTI)
