Rupee sees biggest single-day gain as RBI props up local unit

AFTER rupee’s worst single-day fall since May 8 on Friday to 89.61, the RBI intervention propped the domestic currency on Monday, helping it post the biggest single-day gain in a month to close at 89.23.

- BENN KOCHUVEEDAN @ Mumbai

Traders expect the currency to decline more in the near-term and test the 90 levels shortly. The rupee ended the day at 89.23 against the dollar, up 0.3% from its close at 89.48 in the previous session when intra-day it had hit an all-time low of 89.61. Still the unit is down 4.3% year-to-date.