Mumbai: The rupee gained 28 paise to close at 92.90 against the US dollar on Monday, following the Reserve Bank’s measures to curb speculative fervour and dampen volatility in the Indian currency.
Forex traders said that though the RBI measures are rupee-positive, unabated withdrawal of foreign capital, a strengthening dollar, and rising crude oil prices amid a volatile geopolitical situation continue to put pressure on the rupee.
The RBI tightened its rules to curb speculative positions and capped banks’ net open positions at $100 million.
At the interbank foreign exchange, the rupee opened at 93.13 against the US dollar and in intraday trade gained momentum to touch a high of 92.79 against the greenback.
At the end of Monday’s trading session, the rupee was quoted at 92.90 against the dollar, up 28 paise from its previous closing level.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.15 per cent lower at 99.87.