Mumbai rupee rises to 95.77 as Nifty 50 falls 0.7%
The Indian rupee rally to 95.77 per dollar came as the Reserve Bank of India shifted oil firms' dollar buying and tightened hedging, while stocks still fell.
The rupee rose about 1% on Monday to 95.77 per dollar, from 96.73 on Friday, its best day since April.
The RBI moved oil firms' dollar buying off the spot market and tightened hedging, including a 20% cash rule on some contracts.
The Nifty 50 fell 0.7% to 22,363.35 and the Sensex fell 0.76% to 71,924.68.
A trader saw the 2036 bond yield in a 7.26% to 7.32% band; the RBI will sell 250 billion rupees of debt on Tuesday.
ANZ said gradual depreciation is likely to return unless broader external pressures ease.