India, Oct. 12 -- The Indian rupee rebounded sharply from its record low, rising 91 paise to 95.80 against the US dollar in early trade on Monday, following a series of measures announced by the Reserve Bank of India (RBI) to curb volatility in the foreign exchange market.
On Saturday, the RBI introduced several measures, including a dedicated dollar window for oil marketing companies through designated banks and increased costs for certain foreign exchange hedging transactions. These steps aim to reduce dollar demand in the spot market and discourage speculative positions.
Forex analysts expect the measures to provide support to the rupee as it faces continued pressure from elevated crude oil prices and a strong US dollar.
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