RBI eases bank forex rules to steady falling rupee
Business
The Reserve Bank of India (RBI) is trying to steady the falling rupee by making it easier for banks to bring in foreign currency through relaxed deposit and borrowing rules.
But whether this works depends mostly on how well Indian banks can convince nonresident Indians (NRIs) and other investors to send their money back home.
Experts urge export growth, import cuts
Banks now have the tough job of reaching out to NRIs during uncertain times, while the RBI is also selling US dollars from its reserves for quick relief.
Experts say these moves are just short-term solutions: real stability will need bigger changes, like boosting exports and cutting down on imports.