Reserve Bank of India Intervenes as Rupee Hits Record Low Against U.S. Dollar
The Reserve Bank of India (RBI) intervened in foreign exchange markets on Tuesday to stabilize the Indian rupee after the currency plummeted to a fresh record low against the U.S. dollar. The central bank’s action, executed through state-run banks, aimed to curb extreme volatility as the rupee breached the psychological threshold of 84 per dollar,…