Rupee holds firm at 94.97 on RBI dollar sales

Mumbai: The Indian rupee on Wednesday negotiated leaping oil prices and an unprecedented yield spike across the globe to remain above 95 to a dollar for the second day running, with traders attributing the local unit's standout performance to aggressive dollar sales by the central bank.

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The rupee closed at 94.97, versus its previous close of 94.95, and traded in a narrow range of 94.89 and 94.98. Its showing stood in sharp relief to a fresh bout of volatility in equities, where the Nifty slumped below the 24,000 mark at close for the first time in six weeks. State run banks, on behalf of the RBI, were likely selling dollars at weaker levels to contain further depreciation past the 95 per dollar mark, traders said.