Indian Rupee Bears Crushed by Central Banks Surprise Intervention
(Bloomberg) -- Ten months into his tenure, India’s central bank head Sanjay Malhotra has sent a clear signal to currency traders: the rupee can move a little more freely, but speculators risk getting crushed.The currency rallied nearly 1% on Wednesday after the Reserve Bank of India waded into both offshore and onshore markets, forcing traders to scramble to cover their short bets. The intervention has effectively ended talk about the rupee breaching its all-time weak point near 88.80 rupee per dollar. It was trading around 87.93 on Thursday.With the rupee...