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RBI sells $12 bn in 2 days to lift rupee
Business Standard
|February 12, 2025
BEST SESSIONS FOR ₹ AGAINST $ SINCE 2023
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The rupee surged against the greenback on Tuesday following aggressive intervention by the Reserve Bank of India (RBI) through dollar sales, according to market traders. This comes just ahead of Prime Minister Narendra Modi's meeting with US President Donald Trump.
The RBI is speculated to have sold around $8 billion on Tuesday, pulling the Indian unit below the 87 per dollar mark and triggering an appreciation of 0.74 per cent. It was the best-performing Asian currency for the day.
Foreign exchange dealers said stateowned banks, acting on behalf of the RBI, likely sold around $12 billion over the past two trading sessions.
The rupee climbed to 86.64 against the dollar during the session, marking its biggest single-day gain in nearly two years, since March 23, 2023. It settled at 86.83 per dollar, compared to the previous close of 87.43.
"Our estimate is around $12 billion over Monday and Tuesday combined.
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