Rupee Soars Over 1% Against Dollar Amid RBI Intervention and Dollar Weakness

• Rupee recovered sharply, rising over 1% against the US Dollar on December 17.
• Reserve Bank of India (RBI) intervened in the foreign exchange market to control volatility.
• Public sector banks sold dollars, and traders unwound long dollar positions after crude oil prices fell.
• The local currency had previously hit all-time lows for four consecutive sessions.
• Experts anticipate stability by March, with RBI managing volatility less aggressively.

Why It Matters: RBI intervention and dollar weakness led to a significant Rupee recovery.