India Accused of Currency Intervention to Protect Rupee

BTCC / BTCC Square / Global Cryptocurrency /

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2025-07-30 18:00:02

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The Reserve Bank of India has reportedly directed state-run banks to offload US dollar holdings in an effort to curb the rupee's decline. Currency traders observed unusual sell-offs this week as the INR attempted an unnatural rally before faltering. The greenback surged to 87.45 against the rupee on Wednesday—a sharp depreciation from the 85-level seen earlier this month.

Five anonymous traders confirmed to Reuters that RBI likely orchestrated the dollar dump to prevent a full-blown currency crisis. This mirrors tactics employed by Japan and China during periods of forex volatility. While temporary stabilization was achieved, market participants remain wary of artificial supports undermining long-term currency credibility.

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