Rupee peaks at 96.51, closes 96.73 after RBI dollar sales
Business
The rupee had a bit of a rollercoaster on Friday, peaking at 96.51 against the US dollar before sliding back to close at 96.73.
The RBI jumped in by selling dollars through state-run banks to help keep the currency from dropping too much during all this market drama.
Sanjay Malhotra says rupee undervalued
RBI Governor Sanjay Malhotra says the rupee is actually undervalued right now and promises the central bank will keep working to let its real value show.
Even with RBI's efforts, strong demand for dollars from companies kept pushing the rupee down, making it one of Asia's weakest currencies this year, with around a 7% drop so far.