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RBI intervenes aggressively to defend rupee amid weakness pressures
RBI executes heavy dollar sales to stabilize rupee around ₹88/USD, signaling return of active currency defense.
The Reserve Bank of India intervened in foreign exchange markets this morning, selling significant dollars via state banks to support the rupee. The currency, which opened at ~₹88.26 per USD, strengthened to ~₹87.75 following the intervention and consequent stop-loss triggering on dollar longs. Observers say the move signals a shift in RBI stance toward active defense against depreciation, rather than passive monitoring. No major external flows were detected. Source: Reuters