The Reserve Bank of India’s intervention in the foreign-exchange market to protect the rupee that tested a series of record lows in recent months is pushing shorter rates to multi-year highs. The government’s borrowing costs for a three-month Treasury bill surged to the highest in three years at an auction on Wednesday. The weighted average call rate, an interbank overnight rate closely followed by the central bank, rose to 5.09%, a level last seen in 2020. Financial conditions are tightening globally as the central banks raise interest rates to curb price pressures, and the RBI is expected to follow the Federal ... (full story)