India has tightened rules for silver imports, joining a slate of measures designed to preserve foreign-exchange reserves and defend the rupee after the currency crashed to an all-time low against the dollar.

Silver represents one of India's largest import commodities, consuming significant dollar reserves each year. By restricting these purchases, New Delhi aims to slow the outflow of foreign currency while attempting to stabilize the plunging rupee. The move signals growing concern about India's external financial position.

The silver import restriction adds to a broader toolkit of currency defense measures. India has been drawing down its foreign-exchange reserves to support the rupee, but the currency's decline to record lows suggests those efforts have yet to reverse the trend. Market participants will watch closely to see if additional protective measures follow.