RBI Sells Billions Last Week to Defend Rupee
The Reserve Bank of India sold at least eight billion dollars last week to strengthen the rupee. Bankers report the intervention lifted the currency to a two-month high amid heavy dollar inflows.
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The Reserve Bank of India deployed at least $8 billion during late-week trading to support the rupee, according to six commercial bankers. The aggressive intervention followed a surge of policy-driven dollar inflows that expanded the central bank's capacity.
