Rupee fall: Did RBI ask PSU banks not to purchase dollars?

The rupee spiked, breaching 56 to the dollar, on market chatter that the RBI has asked state oil companies to restrict purchases of dollars through four state-run banks, but senior officials from the RBI and oil firms said the talk was not true. A senior official at the Reserve Bank of India called the rumours “preposterous” and said he was not aware of any such directive being issued...........

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