INDIA TIGHTENS FOREX RULES TO DEFEND RUPEE

India's central bank hiked the mandatory reserve on dollar-rupee derivative contracts to 20% of their notional value and slashed the threshold for hedging without proof of underlying exposure from $100 million to just $5 million. The rupee traded near 96.73 per dollar on Friday, barely off its record low of 96.96 hit in May. $USDINR will show whether tighter hedging rules can slow the slide before state oil refiners' new dollar window opens Monday.