Reported 5 months ago
The Indian Rupee strengthened by the most in five months against the dollar, reaching 83.03, as key equities hit a record high and the Reserve Bank of India announced a larger-than-expected $25 billion dividend payout to the government. This news, coupled with positive sentiment towards stocks and hopes for policy continuity after elections, boosted the rupee. Traders are monitoring the RBI's efforts to stabilize the currency, which has been relatively stable recently, and the country's increasing foreign-exchange reserves are also supporting the rupee's momentum.
Source: YAHOO