India Tightens Grip on Foreign Outflows as Oil, Bond Yields Push Rupee to Record Low
India is tightening its grip on foreign outflows and toughening curbs on gold and silver imports after the rupee hit record lows against the dollar. The move comes as the Iran war fuels an energy shock and higher fuel costs, while surging global bond yields and elevated oil prices deepen pressure on the currency.
The rupee had already been caught between a US yield surge and oil-led risk aversion, even after India restricted most silver imports to cut the import bill and support the currency. The latest steps show authorities widening their response as those earlier curbs failed to stem the decline.
From the sources (8 posts)
@businessIndia tightened rules for imports of silver, one of a number of measures to preserve foreign-exchange reserves and defend the rupee after the currency sank to an all-time low
@reutersIndia restricts most silver imports to cut import bill, support rupee
@bulltheoryio🚨 Indian Rupee just hit a new all time low against the US dollar. The rupee has now lost over 25% of its value against the USD in the last 5 years.
@reutersIndian rupee hits record low as global bond yield surge compounds oil pain
@reutersRupee caught in cross-currents of US yield surge, oil-led risk aversion
@businessIndia is tightening its grip on foreign outflows as the Iran war fuels an energy shock. Fuel prices are up, gold and silver imports face tougher curbs, as the rupee has hit a record low against the dollar. @shruti838 explains: https://t.co
@reutersSurging global bond yields, elevated oil deepen rupee's slide to record lows
@reutersRupee caught in cross-currents of US yield surge, oil-led risk aversion