The Indian rupee rose its highest level in nearly six months on Friday, gaining for a third straight session, with traders saying the central bank refrained from currency intervention as foreign investors piled into equity markets. The rupee rose nearly 2 per cent for the week, its biggest weekly gain since the week ending Decemeber 21, 2018 when it rose 2.4 per cent. The partially convertible rupee ended Friday at 73.3850 per dollar, up 0.6 per cent on the day. "Initially, RBI was protecting 74.50 zone but its absence has led to a free fall. Dollar inflows into the stock market and gains in other Asian peers have helped fuel the rupee's strength.

Source: dna August 28, 2020 10:50 UTC