The rupee staged a sharp comeback against the dollar on Thursday, logging its strongest single-day gain since 2013, after the Reserve Bank of India (RBI) stepped up measures to curb speculative positions against the domestic currency. The rupee surged to an intraday high of 92.82 per dollar, rebounding from its record low of 95.21 in the previous session. This move brought in around $26 billion in just three months and helped break speculative pressure on the rupee. Last Friday, the central bank capped banks’ net open rupee positions at $100 million, replacing the earlier limit of up to 25 per cent of capital. Soumya Kanti Ghosh, group chief economic adviser at State Bank of India, however, said there is merit in proactive intervention.

Source: The Telegraph April 03, 2026 02:52 UTC