Rupee gains after RBI intervention to 95.17 against US dollar
Business
The Indian rupee made a solid comeback on Tuesday, climbing 60 paise to 95.17 against the US dollar.
This jump happened right after the Reserve Bank of India (RBI) stepped in to cool off rising US dollar demand, mainly by selling US dollars and taking other quick actions to support the currency.
RBI tightens forex rules raises margins
To help keep things stable, the RBI has now made banks put up more cash for certain foreign exchange deals and limited some types of currency trading just for hedging, basically, protecting against risk instead of betting on big swings.
These changes aim to stop wild moves in the rupee and will be watched closely in the coming weeks to see if they really work.