The Indian rupee rose today after the central bank increased the interest rates for the fourth time this year, raising the yield on local assets.
The Reserve Bank of India raised the overnight borrowing rate by 50 basis points on July 27. The yield on the Indian securities maturing in 10 years rose to 7.8 percent. The currency also strengthened as the government plans to sell its shares of Engineers India Ltd.
USD/INR fell to 46.5350 from 46.5370 as of 9:49 GMT today.
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