Indian Rupee Surges to 2-Month High as Central Bank Reports Over $136 Billion in Foreign Investment Inflows

The Indian rupee strengthened significantly on Thursday, September 3, appreciating by 67 paise against the US dollar at market opening to reach a two-month high of 94.30. This surge follows the Reserve Bank of India's report on Wednesday, detailing an unexpectedly high influx of $136.38 billion in foreign investments through specialized programs. These substantial inflows have bolstered India's foreign exchange reserves, enhancing the central bank's capacity to stabilize the rupee amidst external pressures, including elevated oil prices and global supply chain disruptions. The majority of these investments, totaling $127.23 billion, were secured through non-resident foreign-currency deposits.