Traders in Reliance Industries Ltd.’s treasury department are strategizing over where to park the company’s cash in case the Reserve Bank of India starts raising interest rates in the coming months.

The Reserve Bank of India’s use of a key tool for defending the rupee has passed the $110 billion mark in recent weeks to a new record, according to people familiar with the developments.

India’s money-market turnover jumped to a record as state-owned lenders stepped up borrowing to fund booming credit demand.

Emerging-market currencies snapped an eight-day winning streak on Monday as hopes faded for an imminent peace deal, even though President Donald Trump tried to calm market jitters by saying talks with Iran are moving at a “rapid pace.”

Indonesia and India intervened on Friday to prop up their currencies, which are being pressured by an energy price spike.