突然，崩了！刚刚，紧急“救市”！

Core Viewpoint - The Reserve Bank of India (RBI) is intervening in the foreign exchange market to stabilize the Indian Rupee, which has recently depreciated significantly against the US Dollar, surpassing the psychological threshold of 90 [1][3]. Group 1: RBI's Intervention Strategy - The RBI is attempting to balance between curbing speculation and avoiding excessive intervention, with the central bank's governor, Sanjay Malhotra, leading these efforts [2]. - The intervention decisions are made daily at the RBI's headquarters in Mumbai, where traders receive instructions to sell up to $1 billion per minute to alleviate the depreciation pressure [3][6]. - Since June, the RBI's actions have led to a reduction of approximately $38 billion in foreign currency assets within the foreign exchange reserves [10]. Group 2: Market Impact and Currency Performance - The Indian Rupee has depreciated nearly 4.5% year-to-date, making it one of the worst-performing currencies among 31 major currencies, second only to the Turkish Lira and Argentine Peso [3]. - The US Dollar index has dropped over 7% this year, indicating that the Rupee's depreciation is more severe than it appears [6]. - If not for the RBI's interventions, the depreciation of the Rupee would have been more pronounced, according to traders [6]. Group 3: Challenges and Limitations - The RBI's intervention has significantly impacted the financial system, leading to liquidity issues as the central bank has sold an average of $1.2 billion in foreign exchange reserves weekly over the past four weeks [11]. - The RBI's net short position in forward contracts was approximately $64 billion as of October, indicating a commitment to sell dollars in the future, which constrains its intervention capacity [12]. - Factors contributing to the Rupee's depreciation include an expanding trade deficit, punitive tariffs imposed by the US, and capital outflows, with foreign investors selling $17 billion worth of Indian stocks this year [12][17]. Group 4: Future Outlook - The outcome of ongoing trade negotiations between India and the US is a critical variable for the future trajectory of the Indian Rupee [13]. - If a favorable trade agreement is reached, the RBI may find relief in its efforts to stabilize the currency [14]. - The US trade negotiation team is scheduled to visit India to continue discussions, which could influence the Rupee's performance [15].