The rupee surged 1.82% on Thursday to close at 93.10 against the dollar—its biggest single-day gain in over 12 years—after the Reserve Bank of India (RBI) cracked down on speculative activity in offshore non-deliverable forward (NDF) markets. The rupee also emerged as the best-performing Asian currency for the day. During intra-day trade, the currency strengthened further to 92.83 as banks began unwinding long dollar positions. Aggressive Unwinding “Banks have now started unwinding positions aggressively.