RBI Sees Rupee Under Speculative Attack, Will Intervene Further

500 rupee banknotes at a currency exchange in New Delhi.(Photo: Prakash Singh/Bloomberg) Show Quick Read Summary is AI Generated. Newsroom Reviewed

India’s central bank considers recent weakness in the rupee as driven by speculative attacks and is prepared to continue its market intervention until the currency settles at a stronger level, a person familiar with the matter said.

The Reserve Bank of India (RBI) is selling dollars in both onshore and offshore markets after what it saw as speculative attacks by global fund managers on the rupee, the person familiar with the central bank’s thinking said.

The RBI was alarmed to see the rupee nearing the 89 a dollar level in recent trading sessions, the person said, asking not to be identified when discussing internal matters. The central