India announces curbs to slow rupee's sharp decline
NEW DELHI (AP) - India has tightened restrictions on the amount of money Indian companies and individuals can send out of the country, trying to curb a sharp decline in the rupee.
The US dollar has risen about 15 per cent against the Indian rupee this year, pushing up costs for oil and other crucial imports, amid stagnating economic growth.
The central bank said the measures it announced on Wednesday are aimed at "moderating" outflows.
The limit for overseas investments by Indian companies has been reduced to 100 per cent of a company's net worth from 400 per cent. State oil companies were exempted.