The Indian rupee reaches a one-month high as the central bank intervenes to support its value
The Indian rupee depreciated over 6% this year and closed at 96.61 on Friday. The Reserve Bank of India introduced new rules to support the currency and curb speculation. The rupee opened at 95.73 and gained 1% on Monday.
- The Reserve Bank of India announced measures to support the rupee amid a significant depreciation.
- The Reserve Bank of India opened a special window for three state-run oil marketing companies.
- The RBI imposed a 20% cash reserve requirement on forex derivative contracts above $2 million and tightened rules to curb speculative positions.
- The rupee closed at 96.61 on Friday and settled at 95.28 against the dollar.
- The Indian rupee has depreciated by more than 6 percent over the past year and dropped over 7 percent this year.
- The rupee opened at 95.73 and gained 1% at the start of trading on Monday.
- The RBI restricted non-deliverable derivative contracts to hedging purposes only for non-residents.
- The RBI opened a dollar window for state-owned oil refiners.
- Overseas funds have withdrawn over $30 billion from Indian equities this year.
- RBI Governor Sanjay Malhotra defended recent forex curbs as measures to discourage speculative bets.
Outlets: Business Recorder, Business Standard, Financial Times, The Economic Times, The Express Tribune, Times of India (Top)
Written by AI from the outlets' reporting and checked automatically; it can contain mistakes. How Daily Brief works · Privacy