India’s beaten-down currency showed on Thursday that it hasn’t given up the fight, staging it’s biggest one-day gain for over 15 years on central bank intervention.
The rupee hit a session high of 66.55 at around 1 p.m. London time from a low of 67.84 against the dollar in Thursday’s trading session. The one-day surge of around 3.46 percent was the best performance for the rupee since January 1998.
Reuters news agency cited several traders that had seen the central bank shoring up the troubled currency on Thursday. It reported that the Bank had been providing dollars directly to oil firms, as part of attempts at currency intervention.
via CNBC
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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