Indian Rupee Hits Monthly High After RBI Raises $136 Billion

The Reserve Bank of India raised $136 billion through capital-raising measures, pushing the Indian rupee to 94.2713 per dollar on Thursday. This represents the currency's highest level in more than a month.

The total haul significantly exceeded the $80 billion estimate previously provided by Governor Sanjay Malhotra. The funds include $127 billion from a special program for overseas citizens and $9.15 billion from two additional programs. These measures were first announced in early June to counter capital outflows that had pushed the rupee to record lows.

The currency pressure was exacerbated by a strained national import bill and surging oil prices resulting from the US-Iran war. Market analysts state that these massive inflows provide the central bank with increased ammunition to defend the currency and reduce the risk of sharp depreciation.