India Rupee Surges as RBI Intervenes to Support Currency
AI Summary1 min read
TL;DR
India's rupee surged 1% to 90.0963, its biggest gain in seven months, after the Reserve Bank of India sold dollars to support the currency and counter speculative positions.
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India rupeeRBI interventioncurrency supportspeculative positionsdollar sale
India's rupee strengthened by 1% to 90.0963, its most in seven months, after the Reserve Bank of India aggressively sold dollars to support the currency. The RBI's intervention is aimed at unwinding speculative positions, according to Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors. The rupee had reached a record low on Tuesday.
