Rupee ends 10-day skid, hits 96.20 as RBI stepped in
Business
The Indian rupee finally broke its 10-day losing streak on Thursday, jumping to 96.20 against the US dollar, its biggest single-day gain in two weeks.
This turnaround was mainly thanks to the Reserve Bank of India stepping in and hopes for an interest rate hike.
Analysts say RBI sold $4-5 billion
State-run banks sold large amounts of US dollars, likely for the RBI, making the rupee Asia's top performer for the day.
Analysts say the RBI sold about $4 billion to $5 billion to steady things and help importers manage short-term costs.
Still, rising oil prices and foreign investors pulling out mean there's more work ahead, with experts expecting further moves from the central bank.
DBS Bank thinks the rupee will stay between 95 and 100 to the dollar for the rest of 2026.