Reported about 11 hours ago
India's rupee recorded its largest gain in over two years, rallying nearly 1% after strong intervention by the central bank aimed at stabilizing the currency, which had been trading at record lows recently. This unexpected increase surprised traders, leading to market adjustments as the Reserve Bank of India's new strategy indicates a resistance to rapid depreciation of the rupee. Analysts view this intervention as a signal of the RBI's commitment to currency stability amid economic pressures.
Source: YAHOO