India’s rupee advanced the most in Asia after the central bank intervened and as policymakers are said to be considering options, including an interest-rate hike, to defend the currency.
The rupee gained as much as 0.6% to 96.2450 per dollar on Thursday. The Reserve Bank of India sold dollars in the offshore market, according to traders familiar with the development, who declined to be identified as the matter is private.
The currency, which had marked a fresh record low on Wednesday, has been under pressure as high oil prices strained India’s import bill and increased inflation risks. The rupee is among Asia’s worst performers this year, having lost close to 7%.
A spokesperson for the RBI did not immediately respond to an email seeking comment.
This report is auto-generated from Bloomberg news service. ThePrint holds no responsibility for its content.
Also Read: Ruble is world’s best performer vs dollar as Putin’s Russia reaps oil gains from Iran war