The Indian rupee recorded its strongest single-day gain in over a decade, rising 1.8% to close at 93.10 against the US dollar. The surge came after the Reserve Bank of India (RBI) introduced strict measures to curb speculative trading in the currency market.

The rupee rebounded sharply from its recent record low, supported by restrictions on non-deliverable forward trades and tighter limits on banks’ forex positions. These actions led to significant dollar selling in the domestic market.

The move echoes the RBI’s 2013 strategy to stabilise the currency during external pressures. Despite ongoing global uncertainties and rising oil prices, the central bank’s intervention has helped restore confidence in the rupee.