BTCC
/
BTCC Square
/
Global Cryptocurrency
/
India Accused of Currency Intervention to Protect Rupee
India Accused of Currency Intervention to Protect Rupee
7
3
BTCCSquare news:
The Reserve Bank of India has reportedly directed state-run banks to offload US dollar holdings in an effort to curb the rupee's decline. Currency traders observed unusual sell-offs this week as the INR attempted an unnatural rally before faltering. The greenback surged to 87.45 against the rupee on Wednesday—a sharp depreciation from the 85-level seen earlier this month.
Five anonymous traders confirmed to Reuters that RBI likely orchestrated the dollar dump to prevent a full-blown currency crisis. This mirrors tactics employed by Japan and China during periods of forex volatility. While temporary stabilization was achieved, market participants remain wary of artificial supports undermining long-term currency credibility.
By:
Previous
Tokenization Reshapes Finance Through Blockchain Innovation
Next
UBS Upgrade Spurs Peloton Stock Surge Amid Cost-Cutting Progress
