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India Central Bank Intervenes to Defend Rupee, Ready to Do More

  • Rupee drops as much as 0.8% to 77.53 against the dollar
  • RBI targeting speculators, said person familiar with matter
The Reserve Bank of India in Mumbai.

The Reserve Bank of India in Mumbai.

Photographer: Dhiraj Singh/Bloomberg
Updated on

India’s central bank is intervening in all foreign-exchange markets and will continue to do so to protect the rupee that slid to a record low Monday, said a person familiar with the matter.

The Reserve Bank of India sees its foreign-currency reserves of about $600 billion as a formidable stockpile that it will put to use against speculators, the person said, asking not to be identified as the deliberations aren’t public. The RBI is seeking an orderly depreciation, the person said.