RBI advises banks not to bet against Indian rupee amid approaching record low against US dollar.

The Reserve Bank of India (RBI) has informally advised banks to avoid significant bets against the Indian rupee, which is approaching a record low against the US dollar. This request, communicated via phone, aims to stabilize the currency and prevent it from falling below its previous low of 83.9850 per dollar. The RBI has taken similar measures in the past to mitigate economic impacts from currency depreciation.

October 07, 2024
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