Who is manipulating the rupee? RBI has identified these individuals as responsible for depreciating the rupee.:

News Topical, Digital Desk : The Reserve Bank of India has made a startling revelation regarding the recent weakness of the Indian rupee. According to a Bloomberg report, a source familiar with the matter said that the RBI blames "speculative attacks" for the rupee's weakness. The Reserve Bank of India stated that it will continue to intervene and monitor the market until the Indian currency returns to a stronger level.

The Reserve Bank of India is selling dollars in both local and foreign markets following speculative attacks on the rupee by global fund managers, the source said. The person, speaking on condition of anonymity, said the RBI is concerned that the rupee has approached the 89-per-dollar mark in recent trading sessions. The central bank is keen to prevent the rupee from breaching its record low of 88.8050 per dollar any time soon.

Rupee improved

Following the Bloomberg News report, the rupee rose to 88.09 from 88.35 in early trade. It closed 0.8% higher at 88.07, its previous close. This was the rupee's biggest gain in nearly four months.

Rupee near record low for weeks

The rupee has been hovering near record lows for weeks. It gained nearly 1% on Wednesday after the RBI took an aggressive stance to defend the currency, fueling speculation of a policy rethink.