Rupee Surges Post-MPC: Currency Hits 95.24 As Central Bank Declares Forex Buffer Sufficient

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.