Indian rupee logs best day in 3 weeks

MUMBAI: The Indian rupee logged its biggest one-day advance in three weeks against the dollar on Friday, helped by likely central bank intervention in the spot and non-deliverable forward markets, which traders described as aggressive.

The rupee ended at 83.1225 to the US dollar, compared with a close of 83.2450 in the previous session, to log its best one-day gain since Sept. 29.

For the week, the rupee rose 0.2% and recorded its biggest weekly advance in two months.

“The (Reserve Bank of India’s) intervention has been quite aggressive,” said Arnob Biswas, head of foreign exchange research at SMC Global Securities.

“Any uptick on the rupee is likely to be short-lived with importers stepping in.” The RBI likely intervened in the NDF and spot markets, resulting in relief for the rupee, traders said.