India's Rupee Slides to Near-Record Lows; RBI Announces Measures to Defend Currency

Reuters reports the rupee is down more than 7% this year amid surging oil prices and global bond yields. The RBI plans to supply three state-run oil companies with dollars from its reserves starting October 12 and has tightened forex derivative rules. An ANZ strategist said the dollar window should reduce volatility but will deplete reserves; pressure from oil prices and capital flows remains.