Rupee gains but market unsure of inflows amid global rush to US dollar

The rupee gained against the US dollar on Thursday after the Reserve Bank of India announced a slew of measures to attract more foreign exchange into the country.

The rupee settled at 79.18 per US dollar as against 79.30 per US dollar on Wednesday. In the course of the day, the local currency moved in a band of 78.90-79.26 per US dollar.

On Wednesday, the RBI rolled out a series of steps to further liberalise foreign exchange flows.

These included certain regulatory relaxations and the permission to offer higher interest rates on foreign currency deposits as well as higher quantum