India Unveils Fresh Measures to Defend Slumping Rupee
India has implemented a series of crisis era measures to defend its slumping currency. The central bank opened a special window to meet oil companies dollar needs and tightened hedging rules to curb speculation.
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India unveiled crisis-era steps on Friday, opening a special window to redirect state oil companies' dollar purchases and ease pressure on the rupee. The currency fell more than 7% against the dollar this year, touching a record low of 96.96 in May. Elevated oil prices and persistent foreign equity outflows drove the central bank to intervene directly from reserves.
