Indian Companies Cut Dollar Purchases to 8-Month Low Amid RBI Crackdown
Briefing by NewsBiteSource: thehindubusinessline.com
Updated 9h ago
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The Reserve Bank of India's crackdown on speculative bets against the rupee has yielded results, with companies cutting dollar purchases to an eight-month low. Forward dollar sales fell 35% in October to $49.5 billion, reflecting hedging by importers against losses from a weaker rupee. The measure has helped ease pressure on the rupee, which has risen about 2% against the dollar since the intervention.
