Indian rupee enters fiscal 2027 at 93.10 per US dollar
Business
The Indian rupee kicked off fiscal 2027 with a solid comeback, closing at 93.10 per US dollar, a sharp rise from its earlier low of 94.83 per US dollar.
This boost follows the Reserve Bank of India's moves to fight off speculation and steady the currency after a tough year that saw nearly a 10% drop thanks to global market swings.
Reserve Bank of India curbs speculation
To cool things down, the RBI put a cap on how much banks could bet on the rupee and tightened rules around certain currency trades.
These steps made it harder for speculators to mess with the market, even though they did make hedging pricier for importers.
In the end, these actions helped stabilize the rupee.