Rupee surges hardest in 12 years as RBI clamps offshore forex speculation

RBI’s offshore derivative curbs jolted markets overnight

The Indian rupee jumped versus the US dollar with its biggest single-day gain in more than 12 years after the Reserve Bank of India extended curbs on offshore derivatives. The move targets forex speculation that had pressured the currency in recent weeks, and it also disrupted a major segment of market activity—raising questions on whether the rebound can hold.