The Indian rupee rebounded sharply in Friday’s trading session on June 5, poised to snap its three-day losing run, as the government announced a tax cut on bond investments by foreign institutional investors (FIIs) to attract overseas capital and stabilise the domestic unit.
The rupee is languishing near record low levels due to higher energy prices and equity market outflows amid the Middle East conflict.
Following the government’s announcement, the rupee jumped to the day’s high of 95.245 against the US dollar from its previous close of 95.74, recording a gain of 50 paise.
More to come…