Rupee strengthens after RBI moves to tighten liquidity.

The Indian rupee (ICN) was +1.1% vs the dollar at the time of writing after the Reserve Bank of India acted to try to reverse the sharp decline the currency has experienced this year. Inter alia, the RBI limited the amount banks can borrow from its daily repo window at 750B rupees and raised two money-market rates to 10.25% from 8.25%.