The Reserve Bank of India intervened in the foreign exchange market this week to curb speculation in the rupee, according to a person familiar with the central bank’s thinking, surprising traders who expected a more hands-off approach on the currency from the new governor. After hitting a series of record lows in recent weeks, the rupee gained nearly 1% against the dollar on Tuesday, its biggest rally in more than two years and the most among Asian peers. While the RBI didn’t disclose the magnitude of its intervention, Anil Kumar Bhansali, head of treasury at Finrex Treasury Advisors, estimated it could have been as much as $11 billion over two days, which he said are levels not previously seen from the authority. The regulator had been keeping a close watch on open positions in the currency markets since the rupee had come under pressure in recent weeks, the person said. The central bank’s position on the rupee remains unchanged in that it’s not targeting a specific level for the currency, but will intervene to smooth out volatility, the person said.