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flag The Indian rupee dipped below 91 to the dollar on Feb. 20, 2026, amid strong dollar demand and thin liquidity, but rebounded after suspected central bank intervention.

flag The Indian rupee briefly fell past 91 per dollar on February 20, 2026, before recovering to around 90.95, likely due to suspected intervention by the Reserve Bank of India, which may have sold dollars ahead of market open. flag Thin liquidity from a Mumbai holiday amplified offshore pressure, driven by strong dollar demand in non-deliverable forwards, rising oil prices, a stronger U.S. dollar, and geopolitical tensions. flag While foreign investors bought Indian assets, analysts question further RBI action amid persistent downward pressure.

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