Offshore rupee strengthened after the Reserve Bank of India unveiled one of its largest FX-support packages since the 2013 taper tantrum. In early Asian trading, one‑month USD/INR NDF fell as much as 2.7% to 94.17 before trimming to a 0.7% decline. Announced Saturday, measures include a special dollar window for state oil firms and reserve requirements on certain FX derivatives. The moves follow the rupee’s slide toward a near-record low around 97 per dollar and a policy rate hike by the RBI las

Offshore rupee strengthened after the Reserve Bank of India unveiled one of its largest FX-support packages since the 2013 taper tantrum. In early Asian trading, one‑month USD/INR NDF fell as much as 2.7% to 94.17 before trimming to a 0.7% decline. Announced Saturday, measures include a special dollar window for state oil firms and reserve requirements on certain FX derivatives. The moves follow the rupee’s slide toward a near-record low around 97 per dollar and a policy rate hike by the RBI last Wednesday, when it signalled potential for further tightening. SOCGEN’s Hong Kong emerging-Asia strategist Galvin Zia said the package reflects an overdue escalation in FX defence. Market participants expect the rupee to resume appreciation when onshore trading reopens and see the RBI defending the c.97/USD level.