Rupee surges 66 paise on RBI governor's remark, sensex up 776 points
Rupee closed at 95.91 against the US dollar, up 66 paise, after RBI governor Sanjay Malhotra signalled the rupee was undervalued.
Malhotra said the rupee is not overvalued and may be undervalued in nominal and REER terms.
Foreign currency inflows, particularly FCNR(B) deposits totalling nearly $32 billion, supported the rupee.
Global crude prices declined sharply, with Brent falling about 10% to below $88 per barrel.
Sensex jumped 776 points to 76,836 and Nifty surged 229 points to 23,996.
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