Rupee jumps 67 paise to open at 94.30 against US dollar

The Indian rupee surged 67 paise to open at a two-month high of ₹94.30 against the US dollar on Thursday, September 3, after the Reserve Bank of India’s latest foreign-currency mobilisation far exceeded market expectations, strengthening the central bank’s ability to support the domestic currency.

The RBI said on Wednesday that India mobilised $136.38 billion through special foreign-currency schemes, significantly surpassing expectations. The inflows are expected to bolster the country’s foreign exchange reserves and give the central bank greater room to contain pressure on the rupee.

Non-resident deposits accounted for the bulk of the mobilisation, contributing around $127 billion. A further $3.89 billion was raised through external commercial borrowings, while overseas foreign-currency borrowings brought in another $5.26 billion, according to the RBI.

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