The Reserve Bank of India (RBI) stepped in to stabilize the rupee as it neared the 88 mark against the US dollar, selling billions from its forex reserves to curb further depreciation. The intervention helped the rupee recover, closing at 87.4750 after hitting an all-time low earlier in the day.
The move comes in response to global market turbulence following US President Donald Trump’s announcement of fresh tariffs. With the rupee being the worst-performing Asian currency year-to-date, RBI’s efforts have helped prevent a steeper decline, keeping India’s trade competitiveness in check.
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