How RBI’s policy moved the rupee to its lowest level in 20 months

MUMBAI: The rupee fell probably the most in 20 months at the same time as India unveiled measures at capping an increase in yields. The native unit closed at 74.56 Wednesday versus 73.43 to the greenback a day earlier, a drop of 1.54%. This is the steepest decline since August 5, 2019.

“Today’s (Wednesday’s) transfer in USDINR appears to be as a result of unwinding of offshore positions that had been in revenue,” said Bhaskar Panda, executive vice president at HDFC Bank. “Some merchants

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