India Rupee Rises From 10-Week Low as RBI Restricts Gold Imports
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India’s rupee rebounded from a 10-week low after the central bank tightened rules on gold imports. Government bonds were steady.
The Reserve Bank of India today said it would immediately restrict shipments of gold on consignment basis by banks only to meet “genuine” needs of jewelry exporters. The rupee had weakened earlier on speculation bullion importers are stepping up dollar purchases today on Akshaya Tritiya, a festival on which it is considered auspicious to buy the metal.