Indian Rupee Soars on Suspected Central Bank Intervention
The Indian rupee witnessed its most significant surge in over two years, attributed to suspected strong intervention by the Reserve Bank of India (RBI). The currency climbed nearly 1%, its largest gain since November 2022, reaching 86.6362 per dollar. Amidst losses in other emerging market currencies, the rupee stands out as Asia's best performer on Tuesday.
"Since yesterday morning, the RBI has been heavily intervening to support the rupee," stated Anindya Banerjee, currency strategist at Kotak Securities. "The RBI will continue to provide support to the rupee to prevent one-way, linear expectations."
An email inquiry sent to the central bank has not yet received a response.