RBI sold US dollars, rupee up 0.8% still trails Asia
Business
On Monday, the Reserve Bank of India (RBI) sold US dollars to help the rupee bounce back, pushing it up by 0.8%, its biggest jump since mid-June.
Even with this boost, though, the rupee is still lagging behind most Asian currencies this month because import costs remain high.
RBI's deposit push nets $32B
The RBI acted after crude oil prices fell amid easing geopolitical tensions.
Analyst Dilip Parmar pointed out that timing matters, and this move worked well thanks to a weaker US dollar and lower crude prices.
Plus, recent RBI efforts to attract foreign capital, like encouraging currency deposits, have brought in $32 billion so far, according to Governor Sanjay Malhotra.