From Financialexpress · FE Business · · 1m 10s
Rupee Stabilizes at 95.77 per Dollar
Rupee jumps 1% to 95.77 per dollar as RBI tightens forex rules.
In brief
Rupee jumps 1% to 95.77 per dollar as RBI tightens forex rules. The rupee rose 1% to 95.77 per dollar after RBI measures to curb dollar demand and raise hedging costs. Originally reported by Financialexpress.
Rupee jumps 1% to 95.77
The rupee jumped 1% to 95.77 against the dollar in early trade on Monday, compared with Friday’s closing level of 96.73 per dollar.
RBI tightens forex rules
The Reserve Bank of India barred users from rebooking cancelled rupee-linked foreign exchange derivative contracts, slashed transaction thresholds, and required 20% cash against certain FX contracts.
RBI measures curb dollar demand
The RBI’s measures are expected to temper corporate dollar demand and shift oil marketing companies to buy dollars directly from the central bank.
Dollar index near 18-month peak
The dollar index held ground near 102.14, its strongest level in 18 months, as Middle East conflict kept investors wary ahead of US inflation data.
Oil prices swing amid conflict
Oil prices swung between gains and losses after Yemen’s Iran-backed Houthis stepped up strikes on Saudi Arabia while two tankers were attacked.
The one thing
The rupee rose 1% to 95.77 per dollar after RBI measures to curb dollar demand and raise hedging costs.
