Indian rupee rebounds 130 paise to 93.53 after RBI intervention
Business
The Indian rupee made a strong comeback on Thursday, rising by 130 paise to trade at 93.53 per US dollar, much better than the previous session's low of 94.83.
This rebound comes right after the Reserve Bank of India (RBI) stepped in with new rules to calm things down.
RBI bans nondeliverable forwards to anyone
To stop wild swings and speculation, the RBI banned banks from offering certain currency contracts (called nondeliverable forwards) to anyone, whether they live in India or abroad.
The goal is to keep traders from making risky bets that mess with the rupee's value, especially since global events like the Middle East crisis have made things extra shaky lately.
The hope is these changes will help steady the market and keep the economy on track.