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Rupee Sees Best Day in 29 Months
Business Standard
|May 01, 2025
The rupee logged its best single-day gain in nearly two and a half years to close the day on Wednesday at a five-month high amid a softening dollar due to US President Donald Trump's trade policy, and in the absence of the Reserve Bank of India (RBI) in the foreign exchange market.
The local unit closed the day at 84.49/$ against 85.25/$ on Tuesday, marking its highest single appreciation in the current calendar year. The local unit was up by 0.9 per cent, the highest since November 11, 2022.
After plunging to its all-time low of 87.95/$ on February 10, 2025, the Indian unit has staged a remarkable comeback, appreciating 2 per cent in March and 1.16 per cent in April. In 2025 so far, it has gained 1.33 per cent.
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