Indian rupee strengthens after RBI action, Governor Sanjay Malhotra reassures
The Indian rupee just had a good week, climbing 0.4% against the US dollar and hitting its strongest level in over a month.
This boost (almost 2% for the week) comes after the Reserve Bank of India stepped in with some fresh moves and Governor Sanjay Malhotra reassured everyone that they are keeping an eye on things.
RBI tightens FX rules, defends measures
Since October 10, the RBI has rolled out new measures like giving oil companies special access to US dollars, tightening rules on currency hedging, and making banks hold more cash for certain foreign-exchange trades.
Malhotra says these are not about blocking foreign money: they are just meant to keep wild market swings in check and stop speculation from getting out of hand, especially with global pressures like rising oil prices.