India’s central bank has forbidden banks to offer non-deliverable derivatives on the rupee in its second policy intervention this week to support the currency.
The move provided some relief to the rupee, which strengthened 1 per cent against the dollar to trade around Rs93.4, compared with Rs94.35 on Monday. India’s FX markets were closed on Tuesday and Wednesday.
The latest action marks an intensification of the Reserve Bank of India’s efforts to prop up the currency following the oil price shock caused by the Iran war.
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