Bitcoin

This record intervention is a symptom of persistent capital outflows and a strong USD, driven by elevated US interest rates. Emerging market stress often precedes broader market deleveraging, hitting risk assets like crypto first. Additionally, the sheer scale of intervention implies limited RBI firepower going forward, raising the odds of a disorderly rupee move that could spook global investors.

The Reserve Bank of India's use of a key foreign exchange tool for defending the rupee has surpassed $110 billion, reaching a new record.