The rupee gained sharply against the dollar, as reports surfaced that Lawrence Summers withdrew from consideration to be the next chairman of the US Federal Reserve.
The rupee hit a high of 62.51 against the dollar after markets viewed the Summers withdrawal as good news, since he is known to have a more hawkish stance on monetary policy issues.
His withdrawal means that the markets around the globe including India, expect a easy monetary stance, which is why the Indian markets and the rupee rallied in trade.
His withdrawal also means that the frontrunner for the Chairmanship of Federal Reserve could be Janet Yellen, a candidate that is more dovish, which is why it sparked a rally across stock markets around the globe and helped the rupee rally. Check rupee rates here
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