Indian Rupee Strengthens to 1-Month High After RBI Raises $136 Billion

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The Indian rupee strengthened to its highest level in over a month after the Reserve Bank of India (RBI) raised $136 billion from foreign sources, far exceeding expectations. On Thursday, the rupee appreciated 0.7% to 94.2713 per dollar, its strongest level in over a month, and traders expect further gains. The fundraising measures included a special scheme that attracted about $127 billion in dollar deposits from Indians abroad, plus two other schemes totaling $9.15 billion, bringing the total to $136 billion, well above RBI Governor Sanjay Malhotra's estimate of just $80 billion. Analysts at MUFG Bank noted that the risk of a sharp rupee depreciation has diminished, and the RBI has more ammunition to defend the currency. Meanwhile, Shinhan Bank expects the rupee could strengthen to 93.50 per dollar in the coming days. The measures, initiated in June, were aimed at offsetting capital outflows that had pressured the rupee to record lows and helping reduce India's import costs amid surging oil prices due to the US-Iran conflict.

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