India’s central bank announced a series of measures to boost foreign exchange inflows and stem a rout in the local currency amid the rupee depreciating 4% against the USD this year. The measures include doubling borrowing limits for overseas companies to $1.5bln during the financial year. The central bank also temporarily removed any interest-rate ceiling for banks to attract deposits from non-residents and liberalized rules for foreigners to invest in local currency government and corporate bonds. Last week, the country’s federal government raised import duties on gold and increased levies on gasoline and diesel exports in an attempt to control a fast-widening current account gap.