Rupee surges 25 paise to 82.47 against US dollar

Mumbai, August 24, 2023.

The rupee registered the highest single-day gain in nearly two months and surged by 25 paise to 82.47 against the US dollar in early trade on Thursday amid a weakening dollar, foreign funds inflows and positive equity markets.

According to reports, the rupee’s sharp gain of 52 paise in the past two sessions was attributed to Reserve Bank of India’s move to prevent banks from indulging in short-term trading in offshore currency markets.

Forex traders said selling pressure in the greenback and retreating crude oil prices also boosted the Indian currency even as investors traded cautiously ahead of the BRICS summit and US Federal Reserve Chair Jerome Powell’s speech at Jackson Hole Symposium during August 24-26.