Rupee gains most in a week; steps by new RBI chief aid
Posted on: 06:26 PM IST Sep 05, 2013
Mumbai: The rupee gained its most in a week on Thursday after new Reserve Bank of India (RBI) chief Raghuram Rajan unveiled a spate of measures late on Wednesday to attract more inflows, including offering a concessional forex swap rate to banks for attracting deposits from overseas Indians.
The rupee gained 1.6 per cent to close at 66.01/02, versus 67.065/075 on Wednesday close, a second day of gains and its biggest daily percentage gain since August 29. It rose to an intraday high of 65.53.
Dealers cited corporate outflows from a large private petrochem company and a gas utility, which led the rupee to lose some gains later in the session.