It’s been seven months since the Reserve Bank of India (RBI) intervened to stabilize the Indian Rupee (INR). However, on the Wednesday before Diwali, the RBI allegedly went on the offensive to prevent the INR from sliding past the 88.8 rate.

“Since the 23rd of September, the INR has been relatively stable, sitting around 88.72 per dollar. However, on Tuesday last week, the Rupee Spot rate fell to an all-time low of 88.8 before opening 1.27% stronger – at 87.669 – on Thursday. This rebound was a result of both the RBI’s intervention and growing optimism that a potential trade deal will be completed this month as the Indian Prime Minister Narendra Modi pledged to stop buying oil imports from Russia, enforcing the continued interest in INR Rates which has occurred throughout 2025.” Saracen Fletcher, APAC Product Development & Strategy.

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