Indian rupee jumps 156 paise to ₹93.14 after RBI intervention
Business
Big news for the Indian rupee: it jumped by 156 paise on April 2, closing at ₹93.14 against the US dollar.
This is its sharpest single-day rise in over a decade, all thanks to some quick moves by the Reserve Bank of India after the rupee had hit a record low.
RBI limits banks' net rupee positions
The RBI set a $100 million cap on banks' net open position in the Indian rupee and stopped them from offering certain forward contracts.
These rules, kicking in by April 10, pushed banks to sell more US dollars locally and helped steady the rupee.
Experts say things are looking cautiously positive for now, but global factors like oil prices could still shake things up.