Rupee Plunge Spurs State Bank to Increase Rates

Rupee Plunge Spurs State Bank to Increase Rates

Dhiraj Singh/Bloomberg

Indian rupee notes sit piled on the floor inside a butcher's stall in the Gol Bazar market in Nagpur, India. The rupee, which fell to an unprecedented 61.2125 per dollar yesterday, gained 0.8 percent to 60.1250 at 9:24 a.m. after regulators announced steps to curb speculation in the derivatives market.