SME Times News Bureau | 24 Aug, 2013
The Indian rupee rose 2.1 percent to 63.20 against a dollar Friday, the biggest gain in nearly a year after the central bank intervened in the markets.
The rupee appreciated after six days of battering. It had slumped to record low of 65.56 against a dollar Thursday.
The partially-convertible rupee made a smart recovery and ended the day at 63.20 against a dollar at the inter-bank currency markets here, 2.1 percent higher than the previous day's close at 64.55.
This is the biggest single day gain in the value of Indian rupee against dollar since September 2012.
The currency recovered after the policy makers stepped in and the central bank made significant interventions in the markets by selling dollars.
Finance Minister P. Chidambaram Thursday said the rupee was “undervalued” and the pessimism in the currency markets were unwarranted.
