India's rupee up 47 paise to 94.26 per dollar
Business
The Indian rupee kicked off Thursday stronger at 94.26 per US dollar, rising 47 paise from yesterday's close.
This bump comes after India saw a wave of foreign currency inflows, giving the Reserve Bank of India (RBI) more muscle to support the rupee.
India drew $136.38bn mostly FCNR deposits
India pulled in $136.38 billion through special schemes, way more than traders expected, with most of it from foreign currency nonresident (FCNR) deposits.
The rupee also got a lift as other Asian currencies bounced back and the US dollar slipped, partly due to a surge in the Japanese yen.
Now, all eyes are on upcoming US economic updates and possible Fed rate hikes later this month.