Rupee Gains 47 Paise to 94.26 Against US Dollar in Early Trade

The Indian rupee gained strength in early trade on Thursday, appreciating by 47 paise to 94.26 against the US dollar.

This gain comes on top of a 22-paise appreciation recorded on Wednesday, when the rupee settled at 94.73.

The Reserve Bank of India's (RBI) efforts to bolster foreign-exchange liquidity through a special central-bank programme have helped attract strong underlying inflows, offsetting the negative impact of higher crude oil prices and global yields.

India mobilised a record USD 127.23 billion through foreign-currency deposits under this programme as of August 31, creating a huge sterilisation problem for the banking system.