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In line with the slump in oil prices, the rupee recovered sharply on Thursday and triggered stop-losses in the month-end currency futures segment.
The fall in oil prices not only enables the government to contain the fiscal deficit as promised, it also helps the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) to anchor inflation within its target range and prevents another rate hike in the December 5 policy announcement.
The rupee opened at 71.12 a dollar, and closed at a near three-month high of 70.69. The above 1 per cent intra-day movement was the sharpest among
