Rupee weakens in NDF, set to slip past 93 as oil surges; RBI steps up key tool

The Indian rupee plunged to a record low of 93.36 against the US dollar amid global market volatility and a strong dollar. The Reserve Bank of India has significantly ramped up its intervention using forward contracts, with its net-short dollar position nearing $100 billion. This stepped-up intervention aims to stabilize the rupee amidst renewed pressure on emerging market currencies.

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