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Indian rupee snaps 11-week losing streak as RBI steps in

The partially convertible rupee ended at 79.8550 slightly stronger compared to its close of 79.9450 on Thursday and also marginally above last Friday’s close of 79.8775.

July 22, 2022 / 04:09 PM IST

The Indian rupee snapped a 11-week losing streak on Friday, benefiting from Reserve Bank of India intervention after it fell through the 80-per-dollar mark.

The partially convertible rupee ended at 79.8550 slightly stronger compared to its close of 79.9450 on Thursday and also marginally above last Friday’s close of 79.8775.

India’s central bank has zero tolerance for volatile and bumpy movements in the rupee and will continue to engage with the foreign exchange market to ensure the rupee finds its appropriate level, its chief Shaktikanta Das said on Friday.

The rupee touched a lifetime low of 80.0650 on Tuesday but heavy dollar sales from state-run banks on behalf of the RBI has helped limit further losses in the currency, traders said.