Rupee Jumps

Indian markets surged sharply, with the Sensex jumping 2,946 points and the Nifty nearing 24,000. What’s driving this massive rally?

Brent crude, too, rose in line with the broader financial market and its futures reached $53.33 a barrel, the highest since March 2020

RBI has been aggressively buying dollars to prevent sharp appreciation in rupee and ensure export competitiveness

Forex dealers said selling of the greenback by banks and exporters supported the rupee