Rupee surges after RBI's measures to curb speculation

The rupee ended almost 100 paise
higher from its previous close on the back of Reserve Bank of India's measures
to curb speculation in the forex market.

On Friday, the domestic currency
opened higher at 52.70 and touched a high of 52.21. It closed stronger at
52.68, against the previous close of 53.66.

As part of its steps to curb
speculation in the forex market, the RBI on Thursday evening withdrew the
facility to cancel and rebook forward contracts by resident and foreign
institutional investors as the rupee hit an all time low of 54.29.