Rupee Rallies Most in Over Two Years on Likely RBI Intervention
(Bloomberg) — Sign up for the India Edition newsletter by Menaka Doshi – an insider’s guide to the emerging economic powerhouse, and the billionaires and businesses behind its rise, delivered weekly.
Most Read from Bloomberg
The Indian rupee rallied by the most in over two years on suspected strong intervention by the nation’s central bank.
The currency gained nearly 1%, the most since November 2022, to 86.6362 per dollar. The rupee is Asia’s best performer amid losses in other emerging market currencies on Tuesday.
“The RBI has been heavily intervening since yesterday morning to support the rupee,” said Anindya Banerjee, currency strategist at Kotak Securities. “RBI will continue to support the rupee to hammer out any one-way, linear expectations.”
An email sent to the central bank wasn’t immediately answered.
Most Read from Bloomberg Businessweek
©2025 Bloomberg L.P.
