In early deals on Monday, the Indian rupee advanced against the U.S. dollar. The rupee is now trading at 56.59 per dollar with 56.00 seen as the next upside target level.
India's finance minister and UPA presidential candidate Pranab Mukherjee said at the weekend that the government and the RBI would announce measures today to boost the economy and shore up the falling rupee, which has dropped about 13 percent in the past three months to close at 57.15 against the dollar on Friday.
According to media reports, the measures could include a hike in the interest rate on FCNR deposits, a bond issue for non-resident Indians and an increase in foreign-investment limits to help increase dollar inflows and strengthen the Indian currency.
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Forex News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.