State run banks sell dollars, Indian rupee recovers to 94.66
Business
On Wednesday, the Indian rupee bounced back to 94.66 against the US dollar after dipping as low as 94.91 earlier in the day.
This quick recovery came because state-run banks sold dollars, likely for the Reserve Bank of India (RBI), helping calm down a shaky currency market.
The RBI's move kept things stable even as global currencies were all over the place.
Dollar index hits 101.6
The rupee stayed pretty steady against the US dollar.
Meanwhile, the dollar index hit its highest point in over a year, 101.6, with everyone watching for possible interest rate hikes by the Federal Reserve.
Rupee remains within tight range
Thanks to their efforts, the rupee has managed to stay within a tight range despite all that international volatility.