Rupee hits near two-week high

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The rupee rose 1.2 percent to close at 65.24/25 to the dollar, further building on a 1.6 percent rise on Thursday after the euphoria at the premiere of the new RBI governor. The RBI has been the main line of defense against the rupee with controversial measures to drain money from the markets and increase short-term interest rates. It was also strongly interventionist helps the rupee gain 0.7 percent this week, snapping a three-week losing streak. The RBI said foreign exchange reserves for the week to 30 August fell by $ 2.2 billion to $ 275.490.000.000. More Info --