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Rupee Recovers Slightly Against US Dollar, RBI Intervention Arrests Slide

The slight appreciation came on the back of RBI selling dollars via state-run banks on Thursday as most of the intraday gains were wiped off and fall to a new record low was imminent, news agency Reuters reported

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The Indian rupee appreciated slightly by 0.09 paise to end at 81.85 against the US dollar on Thursday. The recovery from Wednesday’s all-time low of 81.94 came likely through the Reserve Bank of India’s (RBI) intervention.

Data from Bloomberg showed that the rupee opened at 81.59 and traded between 81.58 and 81.94 during the day.

Investors have their sight fixed on RBI’s rate decision on Friday.

News agency Reuters reported that the slight appreciation came on the back of RBI selling dollars via state-run banks on Thursday as most of the intraday gains were wiped off and fall to a new record low was imminent.

The dollar clawed back to rise towards its recent 20-year high again, after its worst session in 2.5 years on Wednesday, broadly driven by recession fears and more interest rate hikes pain.


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