Indian rupee gains most in a week; steps by new central bank chief helps
MUMBAI (REUTERS) - The Indian rupee gained its most in a week on Thursday after the new central bank chief Raghuram Rajan unveiled a spate of measures late on Wednesday to attract more inflows, including offering a concessional forex swap rate to banks for attracting deposits from overseas Indians.
The rupee gained 1.6 per cent to close at 66.01/02, versus 67.065/075 on Wednesday, a second day of gains and its biggest daily percentage gain since Aug 29. It rose to an intraday high of 65.53.
Dealers cited corporate outflows from a large private petrochem company and a gas utility, which led the rupee to lose some gains later in the session.