Rupee Rebounds After RBI Curbs Banks’ Forex Exposure
The Indian rupee recovered sharply in early Monday trading, rising over 1% to 93.57 against the US dollar after hitting a record low of 94.85 on Friday.
The rebound follows a directive from the Reserve Bank of India, which instructed banks to cap their net open positions in the rupee within the foreign exchange market at $100 million by the end of each trading day.
This move is aimed at reducing excessive speculation and stabilizing the currency after its recent decline.
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