Rupee Surges to 94.26 Against Dollar in Early Trade

The Indian rupee appreciated by 47 paise to reach 94.26 against the US dollar in early trade on Thursday, September 3.

This gain comes after the rupee settled at 94.73 on Wednesday, recording a rise of 22 paise.

The strong appreciation of the rupee is attributed to higher-than-expected FCNR (B) deposits mobilization, which has provided the Reserve Bank of India with a 'long rope' in defending the currency.

Foreign Currency Non-Resident (Bank), or FCNR(B) deposits, accounted for $127.23 billion in inflows as of August 31, according to the RBI.