Rupee rises for fourth straight day, closes at 95.15
The intra-day peak level is over one-month high, data showed.
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The local monetary unit ended at 95.28 on Tuesday. It gained about 1.7% over the past three days after RBI effectively made over-hedging too expensive, curbing speculative bets on the rupee in anticipation of further depreciation.
“The Indian rupee continued its upward trajectory, bolstered by central bank market intervention and the unwinding of long dollar positions,” said Dilip Parmar, senior research analyst at HDFC Securities.
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Strong dollar demand from importers however capped daily gains. “The rupee appreciation offers companies buying opportunities,” a trader said.
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