Re rebounds as RBI comes to the rescue

AFTER CLOSING AT new lows for four consecutive sessions, the rupee recovered by 66 paise on Wednesday to close at ₹90.38 against the dollar - the biggest single-day gain in two months.

- CHRISTINA TITUS

According to dealers, the Reserve Bank of India (RBI) stepped in with dollar sales to stem the continuous decline and curb speculation. During intra-day trade, the local currency appreciated almost 1% to a high of 90.09.

The rupee, which breached the 91-mark for the first time on Tuesday, has hit multiple record lows over the past week. The slide from 90 to 91 took less than two weeks.