RBI sold about $7 billion to defend rupee on Friday
· economictimes.indiatimes.com
India's central bank sold approximately $7 billion to defend the rupee. The Reserve Bank of India intervened across markets as the currency neared a record low. This intervention followed a surge in crude prices impacting Asian oil importers. The RBI's actions helped lift the rupee further away from its all-time low. Foreign exchange reserves are rising, providing ammunition for future currency defense.
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