Reported 1 day ago
The Reserve Bank of India's unexpected intervention in the foreign exchange markets, estimated between $10 to $11 billion, has mitigated the bearish outlook on the rupee. This decisive action was prompted by an accumulation of bearish bets and the rupee's sharp decline over the past months, leading to a rebound in its value. Analysts note the intervention was necessary to reduce one-sided positions against the rupee and to establish a more stable currency environment.
Source: YAHOO