India’s Rupee Closes at ₹95.055 as HDFC Restricts Gold Fund Subscriptions

The Indian rupee closed at ₹95.055 per dollar on Oct. 15, after nearing record-low levels the previous week, as HDFC Mutual Fund limited subscriptions to two funds of funds tied to gold exchange-traded funds (ETFs) ahead of Diwali.

Economists estimated the Reserve Bank of India used $75 billion to $80 billion in spot dollar sales and dollar-rupee swaps since June 8. The rupee remained under pressure but closed at ₹95.055 on Oct. 15, not near ₹97.

HDFC Mutual Fund’s Oct. 15 notice restricted subscriptions to its Gold ETF Fund of Fund and Gold Silver Passive FOF. It did not restrict direct subscriptions to HDFC Gold ETF units.