The Indian rupee rallied sharply on Thursday, hitting its best day in more than a decade. The surge followed tighter RBI measures aimed at curbing speculative positions against the currency. Markets are now watching whether the crackdown can sustain gains, recalling 2013 when extraordinary steps were used to stabilize FX conditions amid similar stress.
Yuan trading is expected to overtake the yen as the world’s second most traded currency against the dollar in foreign-exchange options, LCH says. The change, projected for 2028, points to accelerating yuan internationalization and rising demand for diversification beyond dollar-linked hedging strategies.
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The Reserve Bank of India has escalated efforts to curb rupee speculation, shifting focus from earlier bank-focused measures to corporate arbitrage. New rules bar banks from offering rupee non-deliverable forwards and restrict companies from rebooking cancelled forward contracts, aimed at reducing currency volatility amid geopolitical uncertainties. The RBI says initial steps didn’t go far enough to contain the activity.
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