Rupee sees biggest single-day gain in nearly a year
U.S. Treasury yields fell overnight after data showed the economy contracted again in the second quarter, suggesting that the Fed may not need to be so aggressive with rate hikes to cool inflation. The partially convertible rupee ended trading at 79.25 against the dollar, 0.6% stronger than Thursday’s close of 79.7550 and its best single-day performance since Aug. 27 last year.
