- The Indian rupee rose 1.7% to 93.25 per dollar, its biggest gain since 2013
- Authorities extended curbs to offshore derivatives to curb currency speculation
- The move followed recent tightening of limits on banks' local currency positions
The Indian rupee surged the most in over 12 years after authorities stepped up their push against speculation, extending curbs to offshore derivatives just days after tightening limits on banks' local positions.
The rupee advanced as much as 1.7% to 93.25 per dollar on Thursday - the most since September 2013 - as currency trading resumed after a two-day break. The gains came despite a broad weakness in most regional currencies as US President Donald Trump signaled an escalation in the Iran war.
The currency market were closed for three days this week, on account of Mahavir Jayanti on March 31, new fiscal year starting on April 1, and Good Friday on April 3.
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