INR Vs USD: Rupee Jumps Sharply On Likely Strong RBI Intervention

The rupee jumped sharply before the local spot market opened on Thursday, shored up by likely dollar selling intervention by the Reserve Bank of India, three traders told Reuters.

The rupee was quoting around 96.75 to the dollar on the interbank order matching system before recovering sharply to 96.20 per dollar.

Traders said that the move was led by central bank intervention likely intended to support the rupee as the currency has plumbed to successive record lows over recent sessions.