The Reserve Bank of India announced fresh measures to curb speculative pressure on the rupee after forex reserves fell nearly $52 billion in a month to $734 billion. The RBI will sell dollars directly to IndianOil, HPCL and BPCL, impose a 20% reserve requirement on large dollar purchases, and tighten forex derivative rules.
RBI Unveils Measures to Defend Rupee as Reserves Fall $52bn
Source: Times of India