RBI Intervenes Again as Indian Rupee Approaches Fresh Record Low

India’s rupee gained sharply on Tuesday, pulling back from a near-record low after likely interventions by the Reserve Bank of India.

The currency gained as much as 0.4%, the most since Oct. 15, to 88.3925 per dollar after the central bank stepped in with dollar sales in the offshore currency market just before the onshore trading commenced at 9 am local time.

On Monday, the rupee had weakened to 88.80, just shy of the record low of 88.8050 reached in September.