India’s Rupee Has Monthly Loss as RBI Rolls Back Support Steps
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India’s rupee completed its first monthly loss since August as policy makers wound down emergency measures taken to support the currency when it plummeted to an unprecedented low.
Oil importers, the nation’s largest purchasers of foreign exchange, are meeting most of their dollar needs in the local market, Reserve Bank of India Governor Raghuram Rajan said Nov. 13. The monetary authority’s offer of discounted swaps for foreign currency raised by banks is due to expire tomorrow, after attracting about $25 billion.