The Indian rupee ended FY26 as Asia’s weakest currency against the US dollar. It depreciated by 9.88% due to significant foreign investor withdrawals and strong global dollar demand. The Reserve Bank of India intervened to stabilize the rupee. The Japanese yen also saw a decline. The Malaysian ringgit emerged as the top performer.
India doubles down on curbing rupee speculation after initial steps fall short
The Reserve Bank of India has intensified its crackdown on rupee speculation, now targeting corporate arbitrage after initial measures on banks proved insufficient. New rules