Rupee Jumps 41 Paise to Close at 78.65 Against Dollar

The rupee jumped 41 paise to close at 78.65 (provisional) against the US dollar on Tuesday buoyed by persistent foreign fund inflows into capital markets and softening crude oil prices.

The domestic unit opened strong at 78.96 against the greenback and witnessed an intra-day high of 78.49 and a low of 78.96. The Indian currency finally ended at 78.65 against the American currency, a rise of 41 paise over its previous close. In the previous session, the rupee had closed at 79.06 against the US dollar.

Last month, the rupee had hit all-time low of 80.06, before pulling back. Still, the US dollar is up 5.6% against the rupee.

Meanwhile, Finance Minister Nirmala Sitharaman on Tuesday asserted there is no collapse of the unit and it is actually finding its natural course. Sitharaman informed Rajya Sabha that the RBI is continuously monitoring the local currency and intervening only if there is volatility. “The RBI interventions are not so much to fix the value of the Indian Rupee because it is free to find its own course,” the minister told the Rajya Sabha during Question Hour.

Replying to supplementaries, she said interventions that are happening from the RBI side are more for containing volatility that is happening between the Indian rupee and the US dollar and so on.