Rupee rebounds from all-time low, hits 93.57 as RBI caps banks' FX positions

The rupee jumped over 1% to 93.57 against US dollar in early trade on Monday. It closed at a record low of 94.85 against dollar on Friday. The latest surge comes after the RBI directed banks to limit their net open positions on the rupee in the foreign exchange market to $100 million at the end of each business day.