D-St just 5% away from highs with a 10% bounce from lows

The rupee pulled off a sparkling turnaround to emerge as Asia’s best-performing currency this week – just in time for a stellar Diwali – after the steepest weekly retreat in oil prices since April 2020 and nearly $4 billion of net equity purchases by foreign funds in the past fortnight eased pressure on the local unit. The currency closed at 93.90 on Friday, its best level since late April this year, as oil prices cooled and foreign investors returned to local assets. A post-midterm relief rally and short covering helped the rupee close 57 paise stronger from its previous close…