The Indian rupee strengthened on Friday after a Reuters report said the RBI took a step to curb state-run oil companies’ dollar demand. That action built on earlier measures which have already narrowed the rupee’s underperformance versus other Asian currencies over the past fortnight. Traders expect reduced FX pressure from these demand controls to support the currency in the near term.
The Indian rupee fell sharply on Tuesday, marking its steepest drop in a week as it tracked weakness across most regional Asian currencies. The decline also reflects the impact of a partial rollback of RBI measures taken recently to support strained South Asian currencies, weakening sentiment toward the rupee and adding pressure to trade levels.
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