Rupee gains 0.9% as RBI acts to boost dollar inflows
The Indian rupee recorded its strongest daily gain in two months after the central bank held interest rates steady and announced new measures to attract foreign capital. These initiatives include tax exemptions for foreign bond investors and specialized swap facilities to bolster national reserves.
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India's rupee rose 0.9% to 94.9450 per dollar on Friday after the Reserve Bank of India launched multiple measures to boost dollar liquidity. The gain marks the largest daily advance since April 2, following a period where the currency hit successive record lows. These initiatives are expected to attract between $25 billion and $30 billion in foreign capital as the central bank eases access to government debt.
