Rupee closes at 95.00 per US dollar after RBI action
The Indian rupee just closed at 95.00 per US dollar, its best level in almost two months.
This jump was thanks to the RBI stepping in, news of a U.S.-Iran ceasefire calming nerves, and cheaper oil prices making things easier for India's economy.
The rupee even touched 94.95 during the day before settling at 95.
RBI cut $8.8bn short dollar position
The RBI cut its short dollar position by $8.8 billion in April as it wrapped up maturing contracts, which helped support the rupee.
Dealers think the currency will move between 94.75 and 95.75 on Monday, depending on how stable things stay between the US and Iran.
Meanwhile, India's foreign exchange reserves are solid at $681 billion, but could dip a bit as more US dollars are sold to keep the market steady and avoid any big swings in the rupee's value.