Rupee jumps to 94.30 per US dollar after $127B inflows
Business
The Indian rupee just jumped to 94.30 against the US dollar, its strongest level in two months and up 67 paise from last close.
This boost comes after a huge $127 billion flowed into Indian banks from nonresident deposits, giving the Reserve Bank of India (RBI) more muscle to keep the currency steady.
Finrex forecasts rupee 94.00 to 94.75
According to Finrex, rupee will open at 94.38 this morning and remain in the range of 94.00 to 94.75 for now, with the RBI ready to step in if it gets much stronger.
For the day, sell all upticks while importers buy dips or wait for better deals.
Meanwhile, most Asian currencies are also gaining ground against the US dollar.