Rupee recovers from record low against US dollar in early deals on Thursday
The Indian rupee recovered from its record low against the US dollar in early deals on Thursday, following strict new regulations from the Reserve Bank of India (RBI) that barred authorized dealer banks from offering non-deliverable forward (NDF) contracts involving the rupee to both residents and non-residents to prevent offshore speculation. The RBI had earlier, on March 27, capped the net open position that banks can hold overnight at $100 million, effective April 10, 2026, in a bid to curb speculative positions and stabilise the currency. Rupee also got some support with the government data showing GST revenues grew about 9% in March, scaling to the pre-tax cut level of over Rs 2 lakh crore, the third highest monthly collection in the 2025-26 fiscal, buoyed by mop-ups from imports as well as domestic sales and purchases.
