India’s Central Bank Defends Currency

India’s central bank announced a package of measures to defend the rupee after the Indian currency declined 6.5% this month to its all-time low of 38.60 to the dollar. The measures include delaying a plan to lower reserve requirements of commercial banks, absorbing excess money in the financial system and encouraging exporters to bring their earnings into the country sooner rather than later. The measures are “in response to recent developments in the financial markets, especially foreign exchange markets,” Reserve Bank of India said in a statement. The rupee traded at 38.56 to the dollar Friday.