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Government bond yields closed at their lowest in over two years, and the rupee saw its largest single-day gain since December, driven by exit polls predicting a strong NDA victory in the general elections.
On Wednesday, the local unit had closed at 83.4350. So far in 2024, the rupee has depreciated 0.3% against the US dollar on a closing basis.
The rupee fell to its lowest closing level against the US dollar after weakening sharply on Friday, as a decline in the Chinese yuan dragged down Asian currencies while firm demand for the greenback from banks on behalf of importers added pressure on the local currency.
The Reserve Bank of India spurs capital inflows to support banking system liquidity. They manage liquidity strain from tax payments through foreign exchange market actions, repo operations, liquidity surplus, and dollar deliveries.
India Business News: The Indian rupee ended its nine-day winning streak on Tuesday, as the US dollar gained strength and regional markets experienced a risk-off sentiment.