Indian rupee up 2.5% since late March after RBI curbs
The Indian rupee just became Asia's best-performing currency since late March 2026, thanks to the Reserve Bank of India (RBI) cracking down on currency speculation.
The rupee is up 2.5% in that time, outpacing rivals like the Thai baht and South Korean won.
It even notched a two-week winning streak this Friday as traders adjusted their bets ahead of new rules.
RBI caps banks' positions at $100 million
To cool off risky trading, the RBI capped banks' open currency positions at $100 million and banned certain offshore rupee contracts.
While these moves helped boost the rupee, they also made it pricier for foreign investors to hedge their bets.
Nearly $3 billion was pulled from Indian stocks this month and another $1 billion out of bonds since the March 27 curbs were announced.
So even with the rupee's recent gains, global economic uncertainty still hangs over its future.