Rupee Surges Nearly ₹2 Against Dollar on RBI Intervention

• The Indian rupee gained nearly ₹2 against the US dollar, reaching 93.02 per dollar, following policy measures by the Reserve Bank of India (RBI).
• The rupee opened at 94.62 and surged to 93.19 in early deals, marking a 1.6% rise from its previous close of 94.70.
• This rebound follows the rupee breaching the 95 mark earlier in the week and hitting a record low of 94.84 on March 27.
• The RBI capped banks’ net open positions in the onshore forward delivery market at $100 million to curb speculation and stabilize the currency.
• Despite the gains, external pressures persist with a rising dollar index, higher Brent crude prices, and continued foreign investor outflows from equities.