Rupee rises to intra-day high, then slips on dollar demand

The Indian rupee gained marginally, closing at 96.73 against the dollar on Friday after interventions. The Reserve Bank of India sold dollars through state-owned banks to influence the currency’s value. Reserve Bank governor Sanjay Malhotra stated that the currency is undervalued and needs stabilization. Despite this, there remains an overall strong demand for dollars from companies.

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