Rupee gains most in a week; steps by new RBI chief aid

Reuters
An employee poses with the bundles of Indian rupee notes inside a bank in Agartala
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An employee poses with the bundles of rupee notes inside a bank in Agartala, Tripura August 22, 2013. REUTERS/Jayanta Dey

MUMBAI (Reuters) - The rupee gained its most in a week on Thursday after new Reserve Bank of India (RBI) chief Raghuram Rajan unveiled a spate of measures late Wednesday to attract more inflows, including offering a concessional forex swap rate to banks for attracting deposits from overseas Indians.

The rupee gained 1.6 percent to close at 66.01/02, versus 67.065/075 Wednesday close, a second day of gains and its biggest daily percentage gain since August 29. It rose to an intraday high of 65.53.

Dealers cited corporate outflows from a large private petrochem company and a gas utility, which led the rupee to lose some gains later in the session.

(Reporting by Subhadip Sircar; Editing by Subhranshu Sahu)

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