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Central bank measures, intervention spark Indian rupee's sharpest rally in six months
MUMBAI: The Indian rupee rose about 1% on Monday after the central bank took steps to temper dollar demand in spot and derivatives markets, with likely intervention through dollar sales adding to the gains. The Indian rupee rose 1% to 95.77 per dollar from 96.73 on Friday, outperforming mostly rangebound Asian peers and posting its best single day gain since April, which had also been sparked a set of measures to shore up the unit. India announced new steps on Saturday after the rupee neared its record low of 96.96 per dollar last week. The changes involve redirecting oil companies’ dollar pur...
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