Rupee hits six-week high on RBI measures and dollar inflow hopes

The Indian rupee rallied to a six-week high of 94.29 against the US dollar, gaining about 1.3 percent at the close after the RBI rolled out measures to boost dollar inflows. Banks have raised interest rates on FCNR-B deposits by 200-450 basis points to attract overseas funds, with the RBI bearing hedging costs to support mobilisation. Softer crude oil prices and expectations of easing energy supply pressures further aided the rupee, which extended gains for a fourth straight session.