Finance
Mr. BillionhairRBI Shocks Markets with Dollar Dump, Rupee Takes Flight
Folks, the RBI just made a huge move! Before the market opened on Thursday, they unleashed dollars like it was a fire sale! The rupee soared to 90.4550, can you believe it? One bank was selling like it was going out of style, calling it 'indiscriminate.' Total shocker! They say they don’t target levels, but we know better! And those US job numbers? Absolutely fantastic!
few days ago | Reuters
Quick rundown
1.India's central bank surprised markets by selling dollars heavily.
2.The rupee surged to 90.4550 per dollar after RBI intervention.
3.A state-run lender was a major player in the dollar sell-off.
4.The move followed a recent US-India trade deal boosting the rupee.
5.RBI aims to curb volatility, not target specific rupee levels.
