Stability measures give rupee a boost

The rupee has appreciated significantly against the dollar over the past year, marking a rare shift as the US currency typically dominates. Official data showed that the rupee gained around Rs9 per dollar in the interbank market between August 11 and August 13. The open market saw even greater appreciation, with the rupee strengthening by Rs15 per dollar during the same period. On August 11 last year, the interbank exchange rate stood at Rs287.60, which fell to around Rs278.60 by Aug 13 this year. In the open market, the exchange rate dropped from Rs295 to Rs280 per dollar, reflecting a gain of Rs15. The trend defies the usual pattern, as the dollar has consistently appreciated against the local currency. Stability in the exchange rate has been observed over the past four months with only minor fluctuations, even in the open market.