RBI weighs measures to stem rupee near 97 per USD
Business
The Indian rupee just hit a fresh low of almost 97 per US dollar, and the Reserve Bank of India (RBI) is stepping in.
They are looking at raising interest rates, running more currency swaps, and bringing back special deposit schemes for nonresident Indians (NRIs), all to help stop the slide.
RBI hopes $50B from NRI deposits
Raising interest rates could make India more appealing for foreign investors by offering better returns than the US.
The RBI is also considering NRI deposit schemes similar to those from 2013, which brought in $30 billion. This time, they hope it could reach $50 billion.
On top of that, they announced a $5 billion currency swap auction and might do more soon.
The next big update will come at their policy meeting from June 3-5.