Forex
Rupee Rises 10 Paise as RBI Steps In
The Indian rupee opened higher against the US dollar on September 7, thanks in part to the Reserve Bank of India's (RBI) recent efforts to manage currency fluctuations.
The rupee opened at 94.39 per dollar, a 10 paise gain from Friday's close of 94.49.
Experts expect the RBI to continue absorbing surplus rupee funds through various market operations, including a planned VRRR (Variable Rate Repo) of Rs. 7.00 lakh crores for 30 days.
This move is expected to help stabilize the rupee and reduce its volatility.