The Reserve Bank of India (RBI) is considering all of its available options to stabilise the rupee, including an interest rate hike, more currency swaps and raising dollars from investors overseas, according to people familiar with the matter.
Top RBI officials, including Governor Sanjay Malhotra, have held a series of internal meetings to discuss the options available after the rupee plunged to a fresh low of almost 97 to a dollar last week, the people said, asking not to be identified because the discussions are private. One of the options on the table is raising the interest rates, one person said. The next scheduled monetary policy decision is on 5 June, although the RBI has previously made an out-of-cycle adjustment in May 2022.
