India Rupee at Two-Month High as Central Bank Supports Currency

India’s rupee strengthened to a two-month high as the central bank supported the currency through dollar sales. The rupee gained as much as 0.4% on Tuesday, reaching 94.7988 per dollar, which would mark its strongest level since July 1. The move came after the central bank’s record foreign-exchange reserves allowed it to step in to bolster the local currency. The short update indicated a tightening of support for the rupee, reflecting an effort to counter volatility against the U.S. dollar.