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India announces curbs to slow rupee's decline

India announces curbs on investment overseas to help stem rupee's sharp decline

India announces curbs to slow rupee's 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 U.S. dollar has risen about 15 percent against the Indian rupee this year, pushing up costs for oil and other crucial imports, amid stagnating economic growth.

The central bank says the measures it announced Wednesday are aimed at "moderating" outflows.

The limit for overseas investments by Indian companies has been reduced to 100 percent of a company's net worth from 400 percent.

The amount of money individuals can remit overseas was cut to $75,000 each financial year from $200,000.

Updated : 2021-05-06 08:47 GMT+08:00