✉news BusinessBanking first seen 3 d ago, last 2 d ago, peak #12
RBI has spent half of $140 billion defending the rupee, say bankers
Original: India's RBI has spent half of $140 billion FX capital haul in rupee defence, bankers estimate
Bankers estimate that India's central bank, the Reserve Bank of India, has used roughly half of a $140 billion foreign exchange war chest to prop up the weakening rupee. The scale of the intervention highlights pressure on the currency and the RBI's willingness to draw down reserves to steady the exchange rate.
Why now: The rupee's weakness and the size of the RBI's intervention are raising concerns about India's currency stability and reserve levels.
Reserve Bank of IndiaIndian rupeeIndia
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Evidence
- India's RBI has spent half of $140 billion FX capital haul in rupee defence, bankers estimate · Reuters
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