Rupee gains 40 paise, surges above 87/$ as GST reforms lift mood

The Indian rupee surged to its highest level in August, surpassing 87 against the dollar, fueled by optimism surrounding indirect-tax reforms and a significant drop in crude oil prices. A sovereign ratings upgrade, the first since the global financial crisis, further bolstered the rupee, closing at 86.9550/$. Positive sentiment was driven by growth-oriented policies and renewed foreign fund buying.

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