Re rises most in 4 mths on RBI intervention

THE RESERVE BANK of India’s aggressive intervention led the rupee to rise on Wednesday, posting its biggest single-day gain since June 24. Rupee rose almost 1% during intra-day to touch the high of 87.99. It closed at 88.07, up 73 paise from the previous close.

- CHRISTINA TITUS

“The RBI has been protecting the rupee at 88.80 for a while, signalling that it is not comfortable with the currency breaching 89. On Wednesday, the intervention became aggressive majorly to cut long positions built by traders who were speculating,” said a forex dealer at a private bank. The RBI was active both in onshore and offshore markets, dealers said.