Rupee's Biggest Advance in Two Years Sends Bears Scurrying

Rupee rallied by the most in over two years on suspected strong intervention by the central bank, catching traders offguard after the currency hit a series of record lows in recent weeks.

- Bloomberg

MUMBAI: The currency gained nearly 1%, the most since November 2022, to 86.6362 per dollar in Asia's best performance on Tuesday. It was last trading up 0.8%.

The surprise rally "will take out speculative positioning," said Ashhish Vaidya, head of treasury at DBS Bank Ltd. in Mumbai. "It's a very smart move by the RBI."