The Indian rupee strengthened sharply on 12 October after the Reserve Bank introduced measures intended to ease pressure on the currency. Reuters reported a closing rate of 95.77 per US dollar, compared with 96.73 in the previous session.
The move followed the announcement of a special dollar facility for government oil companies and tighter foreign-exchange derivative rules. Reuters also attributed part of the recovery to intervention and its effect on market positioning.
A lower rupee-per-dollar quote means the Indian currency strengthened. The day’s improvement was a market response to the measures, rather than evidence that currency pressure had permanently ended.