The Reserve Bank of India announced measures to reduce pressure on the rupee, which has fallen more than 7% this year. From Monday, Indian Oil, Hindustan Petroleum and Bharat Petroleum can buy dollars through a special RBI window instead of the spot market. The bank also introduced a 20% reserve requirement on certain foreign-exchange derivatives and cut the transaction limit without proof of underlying exposure from $100 million to $5 million. The measures aim to curb speculative demand and volatility, though pressure from oil prices and capital flows remains.
Published by Banx Network. This article is part of the Banx decentralized media programme, powered by the BXE token on the XRP Ledger.
