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India introduces new measures to stabilize rupee
India is working to impose new restrictions to support the rupee and curb its decline against the dollar, through measures including directly meeting the needs of state oil companies for US currency from foreign exchange reserves and tightening hedging rules against currency fluctuations. This move comes amid the rupee's decline of over 7% since the beginning of the year, although it increased by 0.6% in the futures market following the announcement of these measures. These actions are an attempt to ease pressure on the currency, but they could lead to reduced reserves, as factors like oil prices and capital inflows continue to influence the rupee's value.
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