New Delhi, Oct. 12 -- The Indian rupee surged nearly 1% on Monday, 12 October after the Reserve Bank of India (RBI) redirected oil companies' dollar purchases away from the spot market and introduced measures to curb corporate demand for forward dollars.

The rupee opened at 95.76 against the US dollar, compared with Friday's close of 96.73. It emerged as one of Asia's strongest-performing currencies, while most regional peers traded in a narrow range.

Despite Monday's sharp rebound, the rupee remains down 6.6% so far this year.

According to a Reuters report, Citi economists said the RBI's latest measures could trigger an initial appreciation in the rupee, followed by a period of consolidation.

"The package raises the near-term cost of...