RBI Measures Trigger Rupee's Sharpest Rally in Six Months
The Indian rupee surged nearly 1% on Monday following the Reserve Bank of India's announcement of measures to reduce dollar demand. Oil companies' dollar purchases will be redirected away from the spot market, easing pressure on the rupee. This move aims to tackle balance of payments challenges caused by high oil prices, though analysts remain cautious about the rupee's sustained recovery.
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