INSUBCONTINENT EXCLUSIVE:
INR Vs USD: The rupee is down more than 13% against the US dollar so far this year
The rupee rose
sharply against the US dollar to close at 72.37 on Tuesday, breaking its two-day fall
That marked the biggest single-day recovery in the rupee since March 14, 2017
The upmove in the rupee came on a day the government proposed a hike in effective import duty on some steel products, as part of its plan to
cut "non-necessary" imports to defend the rupee
Heavy selling of dollars by banks and exports along with weakness in the greenback in global markets supported the rupee, news agency Press
Despite the sharp rise on Wednesday, the rupee is still down more than 13 per cent so far this year, cementing its position as the
worst-performing currency in Asia
