Rupee jumps to 94.96 against US dollar after Monday surge
Business
The rupee just climbed to 94.96 against the US dollar, riding a steady winning streak.
After opening at 95.53, it jumped 82 paise from yesterday, on top of Monday's big surge, its best single-day gain in over six months.
RBI policy moves lift rupee confidence
A lot of this momentum comes from the RBI's recent moves: They've made it tougher for banks to buy large amounts of US dollars and set new rules for forex contracts.
Plus, they opened a special US dollar window for oil marketing companies to keep things smooth.
With these changes, not only did the dollar index dip slightly, but Indian stock markets also saw some solid gains, all signaling confidence in the rupee right now.