India Asks RBI to Ramp Up Efforts to Soften Rupee Drop
- Rupee is worst Asian currency this year, sliding 11.6% so far
- Decline may impact economy by increasing India’s import bill
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The Indian government has asked the central bank to bolster efforts to support the rupee, Asia’s worst-performing currency of the past month, people familiar with the matter said.
Government officials communicated last week with the Reserve Bank of India on the need to intervene more aggressively in the market to support the rupee, the people said, asking not to be identified as the information is not public. They also discussed the need for other measures including deposit schemes for non-resident Indians, the people said.