Rupee rebounds 1.3% after RBI curbs FX positions
The Indian rupee gained 1.3% to ₹93.59 against the US dollar after the RBI imposed new limits on banks' foreign exchange positions. The central bank's directive aims to stabilize the currency amid rising volatility and is expected to prompt banks to sell dollars in the domestic market.
pre-market1 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 new directive limiting banks' net open positions in the rupee to USD 100 million by day-end, effective until 10 April.
The RBI's move aims to stabilize the currency amid volatility, prompting banks to unwind arbitrage trades and sell dollars in the domestic market. This shift is expected to enhance liquidity and support the rupee's value.
Not investment advice. For informational purposes only.