T he Reserve Bank of India (RBI) has stepped up its intervention in the foreign exchange market as the Indian Rupee faces increased volatility amid global uncertainties. The centr

Data suggests that the forex reserves of the RBI has declined sharply by over $75 billion since September 27. This was the period when the Indian rupee depreciated from 83.70 against the US Dollar on September 27,

The Indian rupee logged its biggest weekly rise against the dollar in seven months, lifted by the central bank's heavy intervention in the foreign exchange market and kept speculators betting against the currency at bay.

The USD/INR exchange rate has retreated this week, helped by the ongoing interventions by the Reserve Bank of India (RBI). It also retreated after Narendra Modi met with Donald Trump at the White House.

The local currency gained almost 1 percent and closed at 86.8300 against the US dollar on February 11, as compared to 87.48 against the greenback close on the previous trading session.

The dollar/rupee near forward premiums pushed higher this week on the back of the dollar liquidity spurred by the Reserve Bank of India's intervention while far forward premiums declined.