- December 20, 2021
- Posted by: Stratford Team
- Category: Economy
NEW DELHI: The rupee rebounded sharply against the US dollar on Monday, shooting past the psychologically significant 76 per US dollar mark as some banks sold the greenback likely on behalf of exporters, noting relatively higher dollar/rupee levels, dealers said.
Likely foreign exchange interventions by the Reserve Bank of India in the form of dollar sales also buoyed the Indian currency, dealers added.
The partially convertible rupee settled at 75.9050 per US dollar as against 76.0850 at previous close. The Indian currency, which had opened at 76.1400 per dollar, travelled in a band of 75.8300-76.1575 against the greenback in the course of the day.
The local currency started the day on a weak footing as intensifying concerns about the global spread of the Omicron strain of the coronavirus weakened appetite for emerging market currencies and sent investors flocking to the safety of the US dollar.
The dollar index, which measures the greenback against…
