Finance
Mr. BillionhairRBI's Epic $10 Billion Strategy to Rescue the Rupee!
Folks, let me tell you, the RBI just pulled off a massive $10 billion sale! That's right, ten billion! They’re trying to rescue the rupee, which was the absolute worst last year. They bought $18 billion but sold a staggering $28 billion! The rupee hit rock bottom at 91.0750. But don’t worry, it’s coming back, folks! Just wait for the trade deal magic! Huge things ahead!
few days ago | Reuters
Quick rundown
1.RBI sold $10.02 billion net in forex market in December.
2.Indian rupee hit a record low in December due to trade tensions.
3.Rupee rebounded after US-India trade deal announcement.
4.RBI intervenes to manage exchange rate volatility.
5.Rupee closed at 90.9825, marking a steep weekly fall.
