RBI curbs speculation, rupee closes at 93.06 per US dollar
Business
Big news for the Indian rupee: it just had its strongest jump in over a decade, all thanks to the Reserve Bank of India (RBI) stepping up against currency speculation.
The rupee closed at 93.06 per US dollar on Monday, capping off a streak that included a huge 1.8% leap on April 2, the biggest since 2013.
Markets calm, yields fall
The RBI put limits on how much banks can bet on the dollar, which helped cool down wild swings and brought some welcome stability after weeks of volatility.
This move didn't just boost the rupee, it also sent bond yields and swap rates lower, showing how one decision can ripple across financial markets, especially during uncertain global times.