Rupee sees biggest gain in 2 years on RBI push

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."