Business · 5 hours ago
India Tightens Dollar Rules to Defend Rupee
Photo by Ravi Roshan on Pexels
India’s Reserve Bank unveiled fresh steps to defend the rupee as the currency hovers near record lows. From Monday a special window will supply dollars directly to three state oil firms cutting their demand from the spot market. The bank also imposed a twenty percent reserve on large forex hedges and cut no underlying exposure limits to five million dollars. The rupee is down more than seven percent this year amid high oil prices and bond yields worldwide pressure.
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