Rupee Surges 1.8% Against Dollar, Biggest Gain in 12 Years After RBI Action

• Indian Rupee recorded its largest gain in 12 years, surging 1.8% against the dollar to 93.17.
• RBI's stringent decisions on April 1, including restricting rupee non-deliverable forwards, reduced currency volatility.
• Banks reduced offshore long dollar positions, decreasing artificial dollar demand and supporting the rupee.
• The rupee had weakened significantly in FY2026 due to rising Brent crude prices and foreign investor withdrawals.
• Global factors like escalating US-Iran tensions and rising crude oil prices continue to pose challenges to rupee stability.