The rupee strengthened for a second session on Friday, continuing its recovery from record lows hit this week, after the Reserve Bank of India (RBI) stepped in to defend the currency and exporters and custodian banks were heavy sellers of dollars.
"The central bank was heard to have been there to some extent in early trade, but most of the gains today were on the back of heavy selling by exporters," said N.S.S. Mani, chief foreign exchange dealer with State Bank of Travancore. More
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