RBI allows 3 oil firms forex access to steady rupee
Business
To help steady the Indian rupee as it nears a record low, the Reserve Bank of India (RBI) is letting three government oil companies (Indian Oil, Hindustan Petroleum, and Bharat Petroleum) tap into its foreign exchange reserves.
This move kicks in from Monday and is meant to ease pressure on the currency market.
RBI tightens currency derivatives rules
The RBI has also tightened rules on currency trading: it slashed the trading limit for rupee-based derivatives from $100 million to just $5 million, banned rebooking of foreign exchange derivatives, and now requires a 20% risk reserve for these trades.
All these steps are part of a bigger push to keep the rupee stable.