BusinessPhoto: Amar UjalaIndia Tightens Forex Rules, Provides Dollar Support to Oil Firms
The Indian government has taken three major steps to stabilize the rupee, including a special facility to meet the daily dollar needs of public sector oil marketing companies (OMCs). The Reserve Bank of India announced stricter foreign exchange market rules and a new foreign exchange risk reserve fund for dealers. This aims to curb excessive speculation and increase transparency amid ongoing rupee depreciation against the US dollar, which closed at 96.71 on Friday. The RBI will sell dollars to select banks for OMCs starting October 12 until further notice.
Amar Ujala·



