Indian rupee closes 93.91 per US dollar after inflows
Business
The Indian rupee just had its best day since October, closing at 93.91 against the US dollar after jumping 56 paise on Friday.
This surge comes thanks to fresh foreign investments and a big drop in global oil prices, giving the currency a much-needed lift.
RBI buys dollars at 93.88
Foreign banks sold dollars for investors, helping the rupee outshine other Asian currencies on the day.
With Brent crude prices falling nearly 20% and foreign investors pouring almost $3 billion into Indian stocks (including $1.6 billion on Thursday), the rupee gained 1.2% over the week.
The RBI stepped in to buy dollars at 93.88, which kept gains in check but still left the rupee up 0.96% for this financial year so far.