Rupee Set to Extend Recovery on New RBI Measures
The Indian rupee is expected to extend its recovery after the Reserve Bank of India introduced new measures to curb dollar demand and support the currency. The central bank expanded cash deposit requirements and tightened rules on foreign-exchange derivatives.
The Indian rupee is set to open in the 95.50 to 95.60 range on Tuesday morning following fresh interventions by the Reserve Bank of India. The currency rallied 1% to settle at 95.77 to the dollar on Monday, marking its largest single-session advance in six months. The central bank's aggressive policy tightening aims to curb dollar demand and support domestic asset stability across India.
