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Forex

Rupee Surges to Fresh High Amid Record FCNR(B) Deposits

Guavy AI Editorial Team
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USD
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The Indian rupee has strengthened against the US dollar, appreciating by 47 paise to 94.26 in early trade on Thursday.

This gain is attributed to record mobilization of USD 127.23 billion in FCNR (B) deposits, which has significantly boosted foreign exchange liquidity.

The Reserve Bank of India's aggressive intervention and strong underlying inflows have also supported the rupee's gain, despite concerns over global oil prices.

This substantial influx of funds provides the RBI with more flexibility to defend the rupee, but may create a sterilization problem as banking system liquidity surpluses are likely to increase.

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