BusinessPhoto: Prabhat KhabarRBI Takes Strict Steps to Support Rupee Amid Historic Low
The Reserve Bank of India (RBI) has implemented strict measures to stabilize the Indian rupee, which recently hit a historic low near 97 against the US dollar. These steps have impacted international and offshore markets, with the rupee strengthening up to 2.7% in the one-month NDF market. RBI's measures include directing oil companies to buy dollars directly from RBI, mandating banks to hold a 20% risk reserve for importers hedging over $2 million, and drastically reducing derivative position limits to curb speculation. These actions aim to reduce artificial dollar demand and are expected to strengthen the rupee in domestic markets.
Prabhat Khabar·



