The Indian rupee surged 77 paise to 95.05 against the US dollar in early trade, supported by RBI measures to curb dollar demand and speculative positions. Lower crude prices also offered support, while investors awaited key US inflation data
The Reserve Bank of India has barred rebooking of cancelled rupee derivative contracts and cut the threshold for foreign exchange positions without underlying exposure to $5 million. It also introduced a 20 per cent reserve requirement for specified contracts
