In response to the depreciating value of Indian rupee against dollar, Reserve Bank of India has stepped up to help the sinking currency to rebound from its five months low.
The central bank directed exporters to convert up to 50% of their foreign currency holding with banks into rupee balances within a fortnight, a move that will bring at least $2.5 billion into the market, lending support to the rupee.
A combination of this announcement and the speculation that the RBI has intervened in the...
