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Rupee gains on RBIs dollar swaps measure for OMCs

Rupee gains on RBIs dollar swaps measure for OMCs

The Indian rupee's brisk fall against the US dollar was halted on August 29 with the Reserve Bank of India's move to directly supply dollar swaps to oil marketing companies (OMCs). The Indian currency on the day appreciated 225 paise to close at 66.55 per dollar, logging its biggest single-day gain in percentage terms in 26 years.