The Reserve Bank of India is considering multiple measures to stabilize the rupee, including a potential interest rate increase, additional currency swaps, and raising dollars from overseas investors, Bond.az reports, citing sources.
Senior RBI officials, including Governor Sanjay Malhotra, have held internal meetings after the rupee fell to a record low near 97 against the dollar this week.
The rupee has lost about 6% since the onset of the Iran war, given India's heavy reliance on oil and gas imports from the Middle East.
Rising energy costs are expected to push up Indian inflation, giving the RBI more impetus to hike interest rates.
