RBI Intervenes Forcefully to Halt Rupee's Record Slide Against US Dollar

• The rupee slumped 9 paise to a record low of 90.87 against the US dollar on Tuesday.
• RBI aggressively intervened on Wednesday, selling dollars in spot and NDF markets to prop up the currency.
• Following intervention, the rupee rallied from near 91.00 to an intraday high of 89.75, last trading at 90.28.
• The central bank had previously intervened in October and November to disrupt persistent one-way moves.
• VRC Reddy of Karur Vysya Bank noted the rupee appeared "overly depreciated" at 91.

Why It Matters: RBI's swift intervention stabilized the rupee after its record low, preventing further depreciation.