The Reserve Bank of India (RBI) is estimated to have sold $3 -5 billion in spot and non-deliverable forward markets to support the rupee on Wednesday, traders said, marking its largest intervention in months.

Seven traders from private, state-run and foreign banks provided the estimates, with two suggesting sales of $5 billion, citing significant activity in the non-deliverable forward market. The RBI did not respond to an emailed request for comment.

The interventions helped the rupee post its biggest single-day advance in four months on Wednesday. The rally continued into Thursday, with the currency reaching an intraday high of 87.70 per U.S. dollar.

The rupee had come under pressure in recent weeks due to punitive U.S. tariffs, weak equity flows, and demand for gold imports. Prio

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