In the high-stakes world of currency trading, silence from a central bank can often speak volumes. Over the past two months, as the Indian rupee swung sharply against the dollar, the Reserve Bank of India did something uncharacteristic: it stayed away. That pause, amid a global storm of rising trade tensions and tightening financial conditions, is being read as a strategic recalibration—not a lapse.Between March 12 and 14, the rupee soared almost 2% to 85.63 a dollar from 87.23. Typically, such sharp appreciation would have triggered RBI intervention to mop up dollars and prevent overvaluation. Instead, the central bank remained absent even as exporters rushed to protect their foreign exchange earnings.
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