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RBI expands FX curbs as USD/INR eyes a move below 95

RBI extended FX controls to GIFT City and broadened use of risk reserves, while foreign portfolio outflows and a difficult backdrop are seen as limiting sustained INR gains.

Reported · Written up by our desk · Central Banks

Societe Generale strategists highlighted that the Indian rupee has continued to strengthen, with USD/INR nearing a break below the 95 level as the Reserve Bank of India intensifies its foreign exchange defense, according to FXStreet.

FXStreet reports that the RBI extended its FX curbs to GIFT City and broadened the use of risk reserves, actions that are expected to help the rupee in the short term.

The strategists also cautioned that despite the RBI measures, foreign portfolio outflows and a challenging backdrop may limit sustained INR appreciation, with support noted near 94.30 to 94.15.

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