From Financialexpress · Christina Titus · · 50s
Rupee Gains on RBI Measures
RBI's new forex rules boost rupee to 95.28 against dollar.
In brief
RBI's new forex rules boost rupee to 95.28 against dollar. The Indian rupee rose 50 paise to 95.28 against the dollar, its highest in a month, after RBI tightened forex rules and intervened in markets. Originally reported by Financialexpress.
Rupee gains
The Indian rupee gained 50 paise to 95.28 against the dollar, its highest in a month.
RBI tightens forex rules
RBI extended foreign exchange risk reserve to banks' assets and liabilities, requiring 20% cash reserves.
RBI intervention
RBI intervened in onshore and offshore markets through dollar sales to strengthen rupee.
Market reaction
Analysts say rupee may stabilize around 94.50-95 with continued RBI measures.
Oil prices support
Oil price retracements and reduced fpi outflows helped rupee gain strength.
The one thing
The Indian rupee rose 50 paise to 95.28 against the dollar, its highest in a month, after RBI tightened forex rules and intervened in markets.
