Indian rupee closes at 94.9500, 2-month high against US dollar
The Indian rupee just climbed to its highest level in two months against the US dollar, closing at 94.9500 on Tuesday.
This is the third day in a row the rupee has gained, mainly thanks to the Reserve Bank of India (RBI) selling US dollars and flow-related dollar offers from foreign banks.
While most Asian currencies slipped, the rupee held strong, even with rising global bond yields and higher oil prices, making things tricky.
RBI sells dollars to stabilize rupee
The RBI has been actively managing the situation, using state-run banks to sell US dollars and keep the rupee stable.
Its FX forward book, which hit an all-time high of nearly $137 billion in July, shows how committed it is to protecting the currency from big swings.
Despite challenges like expensive oil and global market volatility, these moves have helped shield the rupee when others are struggling.