Rupee jumps 66 paise to 95.91 after RBI governor's comment
Business
The Indian rupee jumped 66 paise on Monday to close at 95.91 against the US dollar.
This rally was sparked by RBI Governor Sanjay Malhotra saying the rupee is actually undervalued, which sent the currency up fast.
Brent below $88, markets rally
The RBI stepped in behind the scenes to support the rupee, while global oil prices dropped sharply: Brent crude fell below $88 a barrel as tensions eased.
Stock markets loved this: Sensex shot up 776 points, and Nifty climbed 229 points.
Plus, banks pulled in nearly $32 billion in foreign currency deposits, adding to all-around optimism.