The Reserve Bank of India has capped weekly dollar purchases by oil refiners to pay off their debts to Iran in order to avoid pressure on the rupee, three sources said on Monday.
India is one of the biggest buyers of Iranian crude
The Indian rupee dropped to fresh two-year low and the country's stock market benchmark Sensex plunged 1,092 points.
The rupee was trading at 66.46 down 63 paise to the US dollar compared to it previous close on Friday on the
The Dubai Gold and Commodities Exchange (DGCX) recorded its highest Open Interest (OI) of 94,056 contracts while volumes on the Exchange jumped 11 per cent from last year to top six million contracts during the first half (H1) of the year.
The Indian rupee is likely to strengthen sharply if the Bharatiya Janata Party's Narendra Modi becomes the country's next prime minister after upcoming elections, a report has said.
Opinion polls show the BJP is pois
Indian inflation likely edged up to a sixth-month high in August, driven by higher food prices and as the battered rupee made key imports such as fuel costlier, a Reuters poll found.
Wholesale prices, India's key inflation mea
Dubai Gold and Commodities Exchange (DGCX) said its year-to-date volumes surpassed the 10 million mark for the first time last month.
The milestone was achieved in 164 trading days, while the total volumes stood at 10.37 million c
India's new central bank chief kicked-off his term with a bang, announcing a spate of measures to support the embattled rupee and unveiling a raft of steps to liberalise financial markets and the banking sector.
In an unexpect
The Indian rupee staged a sharp recovery on Wednesday after suspected heavy dollar selling by the central bank, preventing the battered currency from slipping to a record low on the same day that the authority ushers in a new governor.
The rupee slid towards a record low against the dollar on Wednesday, providing the incoming governor of the country's central bank with a test of fire as he takes over in the middle of a slump in confidence in the economy and its currency.
India's prime minister sought to quell fears of a currency crisis yesterday as economic growth fell to a four-year low, while New Delhi raised prospects of joint intervention with other countries following the rupee's crash to record low