Rupee gains 4th day, closes 95.17 per dollar after RBI
The Indian rupee just logged its fourth straight day of gains, ending Wednesday at 95.17 to the US dollar, up 19 paise.
This winning streak comes as the Reserve Bank of India (RBI) stepped in to cool down dollar demand and speculation, while a weaker US dollar and lower US Treasury yields gave the rupee an extra push.
Domestic stock market weakness slowed things a bit, but overall, it's been a strong run.
Traders say RBI curbs forex swings
Traders say the RBI's moves have kept things steady and curbed wild swings in forex markets.
Plus, with the US dollar losing some steam and US Treasury yields dropping, it's been smooth sailing for the rupee lately; it even touched an intraday low of 94.76 today.
Over just four sessions, the rupee has gained a total of 171 paise, reflecting upbeat market vibes.
An analyst thinks this momentum could stick around if current trends hold up.