The rupee is among the battered currencies in the foreign exchange market due to higher energy prices and an unusually large outflow of foreign capital from the Indian stock market.
The announcement comes after India's central bank left the key interest rate unchanged at 5.25 percent in an interest rate decision in which the bank's economists lowered the growth forecast and raised the inflation forecast.
Indian Prime Minister Narendra Modi appealed to the country's investors to stop traveling abroad, stop buying gold and limit fuel consumption to ward off the country's economic challenges.
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