Indian rupee gains 1.8% to 92.85 after RBI curbs
Business
The Indian rupee just had its best week in over four years, rising to 92.85 against the US dollar after the Reserve Bank of India (RBI) took action to cool down speculative trading.
The RBI's moves helped the rupee gain 1.8% last week. Pretty impressive for anyone keeping an eye on currency trends.
RBI curbs dollar bets and NDFs
The RBI set new limits on how much banks and companies can bet on the dollar, which pushed banks to sell more dollars and helped steady the market.
Plus, banks are now banned from selling certain currency contracts (non-deliverable forwards, NDFs) to customers, making it clear that the RBI is serious about protecting the rupee from wild swings and speculation.