(Bloomberg) -- India's rupee gained the most in a
month as the central bank announced measures to reduce funds in
the banking system to curb inflation.
The Reserve Bank of India raised the amount of cash lenders
must set aside to cover deposits by half a percentage point to 7
percent, reducing the supply of rupees and adding to pressure
for appreciation. It also scrapped the 30 billion rupees ($742
million) daily limit on the amount of money it drains through
bond sales at reverse-repurchase auctions.
Read more at Bloomberg Currencies News
month as the central bank announced measures to reduce funds in
the banking system to curb inflation.
The Reserve Bank of India raised the amount of cash lenders
must set aside to cover deposits by half a percentage point to 7
percent, reducing the supply of rupees and adding to pressure
for appreciation. It also scrapped the 30 billion rupees ($742
million) daily limit on the amount of money it drains through
bond sales at reverse-repurchase auctions.
Read more at Bloomberg Currencies News
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