India unveils dollar curbs to defend rupee
India unveils dollar curbs to defend rupee
India on Saturday unveiled fresh measures to shore up the rupee, redirecting oil companies' dollar purchases away from the spot market and tightening hedging rules as the currency hovers near record lows. The steps by the Reserve Bank of India come as persistent pressure on the rupee, fuelled by surging oil prices and global bond yields, has driven the currency down more than 7% this year. The central bank will open...