The rupee surged 93 paise to close at 95.78 against the dollar, its steepest single-day gain in over six months, after the RBI tightened forex rules. Measures include a 20% reserve on large dollar purchases and curbs on rebooking cancelled derivative contracts. A special window was opened for three state oil firms.
Rupee Jumps 93 Paise as RBI Cracks Down on Dollar Speculation
Source: Mint