💨 Abstract

The Indian rupee rose sharply on Tuesday due to the Reserve Bank of India's heavy intervention, which triggered stop losses for speculators betting against the currency. The central bank sold dollars before the open of the local spot market, via state-run banks, causing a "blood bath" for longs on the dollar-rupee pair. The rupee rose 0.7% from its previous close, reaching as high as 86.69

Courtesy: theprint.in

Summarized by Einstein Beta 🤖