Rupee surges on oil slump as NDF dollar selling accelerates fast

Traders cite stop losses and NDF dollar selling

The Indian rupee jumped sharply on Thursday afternoon as crude oil prices slid, helping reduce import costs and lift sentiment. Traders said the move was also reinforced by stop-losses on short rupee bets and faster dollar sales in the non-deliverable forward market, signaling traders were repositioning quickly as the dollar eased.