India expands measures to stem currency pressures

NEW DELHI - In a bid to curb the downward currency spiral – the rupee this week reached a fresh low of 68.8 to the US$ - the Reserve Bank of India has opened a special window to supply dollars to public sector oil companies. The latest measure comes on top of steps taken in recent weeks that include tightening short term rupee liquidity, curbs on gold imports, restrictions on residents’ capital outflows, easier norms for overseas borrowing, and higher foreign investment limits across key sectors including multi-brand retail.