Rupee jumps 177 paise in 2 days against dollar after RBI's strong defence before Rs 97 goal post. What lies ahead?

What happened: The rupee jumped 82 paise to 94.06 against the US dollar in early Tuesday trade, gaining about 1.77 rupees over two sessions from Friday's close of 96.73, after the RBI announced measures including a dollar supply window for three state-run oil companies and tighter forex derivative rules. Key numbers: 82 paise gain Tuesday to 94.06. Why it matters: Analysts expect the RBI moves to ease spot market pressure and curb speculative dollar buying, though JM Financial calls the rupee impact temporary since the steps do not address elevated crude oil and FII selling.

The rupee jumped 82 paise to 94.06 against the US dollar in early Tuesday trade, gaining about 1.77 rupees over two sessions from Friday's close of 96.73, after the RBI announced measures including a dollar supply window for three state-run oil companies and tighter forex derivative rules.

Analysts expect the RBI moves to ease spot market pressure and curb speculative dollar buying, though JM Financial calls the rupee impact temporary since the steps do not address elevated crude oil and FII selling.