RBI's request helps rupee become Asia's best performing currency
Business
The Indian rupee just became Asia's best-performing currency this Friday, after the Reserve Bank of India (RBI) made a smart call.
The RBI asked state-run oil companies to buy dollars using a special credit line at State Bank of India, instead of shopping around at different banks.
This step helped the rupee strengthen by 0.5%, landing at 92.77 to the dollar.
RBI channels dollar buys through SBI
By channeling these big dollar purchases through one bank, the RBI is trying to keep currency markets steady, especially with global tensions like the Iran conflict making things shaky.
Experts say this move is already paying off and is part of a bigger push to stop speculation and keep the rupee on track.