Rupee surges past 95.70 on RBI's dollar-curbing measures

The rupee opened at 95.73 against the US dollar on Tuesday, compared with Friday's closing level of 96.76, marking a sharp appreciation of more than 1% in the opening trade. The currency's strength reflected the impact of measures announced by the Reserve Bank of India to rein in dollar demand and shore up the rupee.

By mid-morning, the rupee had eased marginally to 95.76 against the greenback, according to Bloomberg data, but remained well above the previous session's close. The RBI's intervention came amid persistent depreciation pressures on the domestic currency in recent weeks.

Market participants attributed the rupee's overnight gains to the central bank's proactive stance in managing forex flows and curbing speculative dollar buying. Analysts have noted that such measures typically help ease volatility in the currency market and stabilize the rupee around key technical levels.

The rupee's movement comes as investors closely monitor global dollar strength and capital flow dynamics in emerging markets. Traders will watch for further RBI actions and macroeconomic data to gauge the sustainability of the currency's recent gains.