India’s RBI Is Back Defending Rupee After October Gains Fizzle

The Indian rupee is inching closer to a new low again, with the central bank’s recent interventions providing only a limited respite for Asia’s worst-performing currency this year.

Uncertainty over tariffs on India’s exports to the US and a less certain path for Federal Reserve rate cuts are exerting pressure on the rupee, which fell for a third straight session on Monday to 88.7988 against the dollar. The currency has failed to hold on to its gains after the Reserve Bank of India unexpectedly sold large amounts of dollars last month to quell speculation against the rupee.