India’s central bank, the Reserve Bank of India (RBI), intervened in the currency market by selling dollars, helping the Indian rupee post its largest gain in over a month, rising 0.8% to 95.7838 per dollar, its biggest intraday gain since June 15. The RBI has been a substantial net seller of foreign exchange in the current fiscal year, with a record net sale of $53.13 billion. This intervention has implications for global markets, particularly gold prices, as a stronger rupee typically lowers the cost of gold imports. Prediction markets currently price a 3% probability of gold reaching $15,000 by the end of December.
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