Rupee closes 3rd straight day at 92.98 against US dollar
The rupee kept its winning streak going, ending Tuesday at 92.98 against the US dollar, its third day of gains.
This boost mainly comes from banks unwinding overseas positions as a regulatory deadline approaches.
The currency's movement stayed pretty tight, with global uncertainty like the U.S.-Iran talks keeping traders cautious.
Jateen Trivedi: RBI curbs stabilize rupee
On Tuesday, the rupee bounced between 93.07 and 92.86 as dollar sales from unwinding of arbitrage positions met demand from importers and oil companies.
To keep things steady, RBI set new limits on how much banks can trade and restricted corporates from offshore deals.
Analyst Jateen Trivedi said these steps are helping stabilize the rupee for now, predicting it will hover between 92.50 and 93.75 per US dollar, though RBI's upcoming policy meeting could shake things up further.