Rupee rebounds nearly ₹2 after RBI moves amid Iran tensions
The Indian rupee just bounced back in style, gaining nearly two rupees against the US dollar since the start of the financial year.
This recovery comes after some smart moves by the Reserve Bank of India (RBI) to tackle pressure from recent U.S.-Israel air strikes on Iran.
The rupee closed on Friday at 92.93 per US dollar, up from last week's 93.73.
RBI caps banks' foreign currency holdings
To steady things, the RBI limited certain overseas trades by Indian banks and capped how much foreign currency they could hold, making it easier for rupees to flow in the market.
Oil companies also got special help for their foreign exchange needs.
Still, rising oil prices and ongoing global tensions are keeping experts cautious.
There could be more ups and downs ahead for the rupee if things stay unpredictable worldwide.