Indian rupee poised for sharp rally as RBI tightens controls. The Reserve Bank announced fresh measures Wednesday to clamp down on speculative activity in foreign exchange markets, with the one-month non-deliverable forward indicating the rupee will open in the 92.65-92.70 range against the dollar, up from 94.83 on Monday. The central bank barred banks from offering rupee non-deliverable forwards and prevented companies from rebooking cancelled forward contracts. These moves target arbitrage and speculative trading as the rupee faces pressure from elevated oil prices and weak capital flows. Traders expect significant dollar sales as positions unwind. Global markets remain volatile following Trump's Iran remarks, with Brent crude climbing nearly five percent and the dollar strengthening as investors brace for extended conflict.
