Rupee jumps nearly 2 percent as RBI cracks down on speculation

RBI rules hit speculative trades—rupee reacts sharply today

The Indian rupee surged nearly 1.8% against the US dollar on Thursday, marking its strongest single-day gain since September 2013. The rally followed fresh Reserve Bank of India regulations designed to curb speculative trading. With banks adjusting positions after the new rules, traders expect the rupee to move within a narrow range next week rather than keep climbing.