Rupee rebounds 1.3% after RBI curbs FX positions
The Indian rupee rose 1.3% to ₹93.59 against the US dollar after the RBI imposed curbs on FX positions, limiting banks to USD 100 million in net open positions. This aims to stabilize the currency amid volatility.
after close1 source ↓written by the desknot a recommendation
- Indian rupee gained
- 1.3%
- against the US
- ₹93.59
- effective
- 10 April
The Indian rupee gained 1.3% to ₹93.59 against the US dollar, reversing its recent decline. This rebound follows the Reserve Bank of India's directive to banks to limit net open positions in the rupee to USD 100 million by the end of each trading day, effective by 10 April.
The new curbs aim to stabilize the currency amid volatility, prompting banks to unwind arbitrage positions and sell dollars in the domestic market. This move is expected to enhance liquidity and reduce speculative trading.
Not investment advice. For informational purposes only.