India Adds to Cash-Supply Curbs as Rupee Volatility Climbs
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India plans to sell 220 billion rupees ($3.6 billion) of cash management bills each week, stepping up efforts to stem the rupee’s unprecedented plunge by curbing supply of the currency.
The Reserve Bank of India will auction the notes every Monday, it said in an e-mailed statement yesterday. The step follows a review of the impact of earlier measures to steady the currency and is for “effective liquidity management,” it said. The rupee strengthened in offshore trading late yesterday and Indian stock-index futures climbed in Singapore today.