India's ₹ defence poses a big question for Mint Street
The Reserve Bank of India (RBI) implemented strong measures to stabilize the rupee as it neared a record low, including opening a dollar window for oil refiners. With over $30 billion withdrawn from Indian equities this year, analysts expect the RBI to defend the 97-per-dollar level when trading resumes Monday. Sustaining gains may be challenging due to high oil prices and external pressures.