business πΉ RBI intervenes as Rupee nears high levels
The RBI is reportedly selling USD to support the rupee, with the USD/INR currently trading near 95.4 to 95.6. This action follows the pair hitting an all-time peak of 96.844 on May 20, 2026, making the rupee one of Asia's weakest currencies this year. Pressure stems from foreign equity outflows and high oil prices due to the Iran conflict. Furthermore, US tariff threats over Russian oil purchases add trade friction to the currency. The RBI seems focused on managing the depreciation pace rather than fighting the overall trend. π