India rupee rises on fresh FX curbs and RBI support
The Indian rupee outperformed regional peers after the central bank introduced measures to reduce dollar demand and support the currency. New regulations restricted derivative transactions and rerouted oil demand. Analysts expect the steps to steady the rupee near term.
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India's rupee rose 0.5% to 95.28 per dollar on Tuesday, outpacing regional peers following aggressive central bank intervention. The currency climbed from an intraday low after the Reserve Bank of India deployed strict foreign exchange curbs. The regulatory tightening aims to curb dollar demand and stabilize the local currency against persistent balance of payments pressures.
