India’s central bank offloaded a large amount of Dollars ahead of Thursday’s market open to support the Rupee, according to six bankers, surprising many traders with both the size and timing of the intervention.

The Rupee jumped at the open to 90.4550 per Dollar after closing the previous session at 90.70. The rise was even sharper on the interbank order-matching platform, where the currency climbed to 90.14.

A major state-owned bank was reportedly one of the most forceful sellers, with a banker describing the dollar selling as “indiscriminate.”

“I don’t think anyone would have called this. It’s difficult to gauge why they did this and why today,” a currency trader at a bank commented.

He added that the Rupee had hovered around these levels in recent days without prompting any apparent concern from the Reserve Bank of India (RBI).

Before the surprise intervention, the Rupee was set for a mostly unchanged start, as other Asian currencies showed little response to the stronger-than-expected US payroll data, Reuters reports.

The RBI’s move comes in the context of the recent US–India trade agreement, which initially lifted the Rupee. After that early jump, however, the currency has largely faced pressure from ongoing corporate hedging and regular Dollar buying by importers.

“Could it be that the RBI, after such a major trigger, did not want the Rupee to weaken further, especially not breach the 91 level?” another banker stated.

“Maybe that’s why they sold heavily before the open, to signal their preferred level.”

The central bank has repeatedly stated that it does not aim for any particular level or range for the Rupee, stepping in only to limit excessive volatility.

Elsewhere, in global markets, US Treasury yields climbed on Wednesday after data showed the economy added more jobs than expected in January.

The Dollar index rose at first, then slipped back below the 97 mark, while most Asian currencies strengthened.