Indian Rupee Rallies to 95.24 After RBI Pauses Repo Rate and Boosts Foreign Inflow Norms

Indian rupee surged on Friday, appreciating by 50 paise to hit 95.24 against the US dollar. The rally was driven entirely by the Reserve Bank of India’s surprise decision to liberalize investment norms for Foreign Portfolio Investors (FPIs) in government securities alongside increased equity limits for NRIs and OCIs.