Rupee Rises Most Since 2013 as RBI Ramps Up Currency Controls

The Indian rupee posted its biggest gain in more than 12 years after authorities intensified their crackdown on speculation against a weaker exchange rate, extending curbs to offshore derivatives just days after tightening limits on banks’ local positions.

The rupee advanced as much as 2.1% to 92.8262 per dollar on Thursday — the most since September 2013 — as currency trading resumed after a two-day break. A key gauge of rupee swings jumped to a six-year high, prompting the central bank-supervised clearing house to impose a 20% volatility margin on dollar-rupee forwards.