Thanks to Amit for the heads -up on this one
The rupee has rebounded to 66.85 from yesterday’s record low of 68.85 as the RBI provides liquidity directly for oil companies hence reducing the need for them to sell the domestic currency
Oil is India’s largest import item as I highlighted yesterday.
80% of crude oil needs are imported.
The move has also led to a bounce in stock markets but analysts say more measures are needed if the rot is not to continue
Reuters has more here