The Reserve Bank of India said it has widened foreign-exchange controls to support the rupee, citing persistent pressure from high oil prices and foreign capital outflows and adding restrictions aimed at preventing certain derivative trades from weighing on the currency. The rupee rose as much as 0.6% on Tuesday to 95.2550 per USD, after a 1% gain on Monday; it remains down more than 5% year-to-date and among the weaker Asian currencies. Kunal Sodani, head of funds at Shinhan Bank Mumbai, said a

The Reserve Bank of India said it has widened foreign-exchange controls to support the rupee, citing persistent pressure from high oil prices and foreign capital outflows and adding restrictions aimed at preventing certain derivative trades from weighing on the currency. The rupee rose as much as 0.6% on Tuesday to 95.2550 per USD, after a 1% gain on Monday; it remains down more than 5% year-to-date and among the weaker Asian currencies. Kunal Sodani, head of funds at Shinhan Bank Mumbai, said arbitrage in the FX market has been largely suppressed and the new measures further that aim to manage market behaviour and volatility; he expects the rupee to trade in a roughly 95.30–96.00 per USD range in the near term.