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2025-10-28 17:11:20
[Battle to defend the rupee: The Reserve Bank of India has hidden secrets] ⑴ The foreign exchange reserves of the Reserve Bank of India have increased significantly by about US$4.5 billion recently, but in order to curb the appreciation of the US dollar against the rupee, the bank had sold US dollars, resulting in a decline in reserves. ⑵ The US dollar has rebounded from 87.63 to 88.31 against the rupee. The data shows that the intervention is aimed at smoothing the upward path rather than blocking the upward trend. ⑶ The historical high of 88.90 is within reach, and 89.00 has become an important psychological level. The current market short rupee positions have been significantly reduced compared to the early stage of intervention. ⑷ The probability of breaking through the 89.00 level is increasing, which may trigger a new round of foreign exchange intervention. At the same time, market expectations for yen intervention are also heating up.
