Indian rupee on Monday snapped five-day long losing string and gained 20 paise at 48.25/26 against the greenback after Finance Minister P Chidambaram's assurance that the government would initiate more measures to infuse liquidity in the banking system. Last week, the Reserve Bank of India slashed the Cash Reserve Ratio (CRR) by 1.5 per cent with effect from October 11 to release Rs 60,000 crore in the system. The Indian benchmark Sensex on Monday bounced by 781.24 points or 7.42 per cent. Asian indices also ended higher by about 5.0 to 10 per cent.
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