Economy
RBI steps in to support rupee as currency nears record low; tightens forex rules
What's happening now
The Reserve Bank of India has introduced stringent measures to curb speculative dollar demand and support the Indian Rupee, which is nearing record lows against the US Dollar. Key actions include tightening forex derivative norms, introducing a 20% Foreign Exchange Risk Reserve (FERR) for large derivative contracts, and creating a special dollar window for public sector Oil Marketing Companies (OMCs).
Source: Economic TimesRead the full story →