RBI moves to limited capital controls to save Indian rupee

With the rupee drifting down to a lifetime low of 61.44 to the dollar, despite measures to tighten liquidity and push up interest rates, the Reserve Bank of India (RBI) on Wednesday changed tack, choosing to defend the currency by moving towards capital controls. The central bank put restrictions on the amount of foreign exchange Indian companies and individuals can invest, remit or spend overseas in an attempt to curb dollar outflows from the country.

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