India's central bank ramps up derivatives tool to defend falling rupee

India must be alone in such currency market intervention, right? * * * By Subhadip Sircar and Bhaskar Dutta Bloomberg News Thursday, March 19, 2026 India ramped up use of a key tool for defending the rupee to record levels as the currency weakened to an all-time low against the dollar, according to people familiar with the matter. The Reserve Bank of India's net-short dollar book, a measure of the degree it has sold forward its stockpile of U.S. currency, is nearing $100 billion across offshore and onshore markets, said the people, who asked not to be identified as the information is private.  ... Dispatch continues below ... ... ADVERTISEMENT ... Buy metals at GoldMoney and enjoy international storage GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit:  http://www.goldmoney.com/?gmrefcode=gata The measure was $67.8 billion in January, according to the latest official data, and last hit a record $88.8 billion in February 2025. The buildup comes as emerging markets face renewed pressure from a resurgent dollar. Even before the conflict broke out, the RBI was already heavily intervening to steady the rupee for months as high U.S. tariffs spurred record equity outflows. ... ... For the remainder of the report: https://www.bloomberg.com/news/articles/2026-03-19/inr-usd-indian-rupee-defense-spending-measure-nears-record-100-billion * * * Support GATA by purchasing Stuart Englert's "Rigged" "Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon: https://tinyurl.com/3xt6uw66 * * * Help keep GATA going: GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16 Donations of $500 or more will entitle the donor to a 1-ounce silver round commemorating GATA's work: https://www.gata.org/sites/default/files/GATA-silver-round-front.png