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Indian rupee posts best week in seven months, fundamentals key for lasting turnaround
MUMBAI: The Indian rupee rose 2% this week to post its biggest weekly gain in seven months, buoyed by policy measures aimed at boosting the currency, though analysts reckon a sustained turnaround hinges on an easing of underlying strains. The Indian currency closed at 94.96 per dollar, up 0.1% on the day. It recovered after threatening to breach its record low of 96.96 hit last week. Policymakers have moved to support the rupee by redirecting oil dollar demand away from the market, raising the cost of buying protection against a weaker rupee and slashing the limit for dollar purchases without ...
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