Rupee Gains After RBI Restricts Offshore Derivatives Trading

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The Indian rupee has become the best-performing currency in Asia following a regulatory move by the Reserve Bank of India. The RBI has tightened rules for banks operating in the Gujarat International Finance Tec-City. These banks are now permitted to offer offshore rupee derivatives only to non-resident clients and solely for hedging purposes. The move is seen as restricting the flow of US dollars and is aimed at controlling currency volatility.

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