RBI Fights Rupee Selloff as Indian Banks Raise $8B: Are Crypto Investors Left Exposed?
- The RBI is intervening in the forex market to reduce the increasing pressure on the rupee.
- Indian banks have raised $8 billion in dollar bonds to increase exposure to overseas funding.
- Crypto investors are affected by the weakening rupee as they see INR-driven profits in BTC.
The Indian rupee continues to weaken, prompting the RBI to intervene to limit sharp swings in the currency’s swings. At the same time, Indian banks are rushing to raise billions of dollars from overseas markets, with dollar bond sales reaching a record $8 billion. What is more noteworthy is the same vision of both the moves- to manage the exposure to the US dollar.
While Bitcoin is usually tracked in USD, Indian investors ultimately measure their gains in rupees, making the currency factor more important to them. When the rupee weakens, the INR value of Bitcoin can rise even if BTC itsel…
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