RBI Intervenes Heavily to Prop Up Rupee, Strengthens Above ₹88

The Reserve Bank of India launched aggressive interventions before market open, selling dollars via state banks to support the rupee. The INR bounced from about ₹88.26 to ~₹87.75 against USD. Traders say many stop-losses on dollar longs were triggered, adding momentum to the move. No major external flows were behind it — this was a central bank action. Market interpreted it as a clear message to curb speculative USD bets.