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The Times of India
The Times of India
Business
Bloomberg

RBI intervenes to defend rupee, ready to do more

RBI Reserve Bank of India India Oil Inflation New Delhi

NEW DELHI: The Reserve Bank of India (RBI) is intervening in all foreign-exchange markets and will continue to do so to protect the rupee that slid to a record low Monday, said a person familiar with the matter.

The RBI sees its foreign-currency reserves of about $600 billion as a formidable stockpile that it will put to use against speculators, the person said, asking not to be identified as the deliberations aren’t public. The RBI is seeking an orderly depreciation, the person said.

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