✉news BusinessBanking first seen 10 h ago, last 2 h ago, peak #8
India Forex Reserves Log Record Weekly Drop on Rupee Defense
India's foreign exchange reserves recorded their largest weekly decline, which reports attribute to the central bank selling dollars to defend the rupee. The steep drawdown has drawn attention from markets and analysts tracking pressure on the Indian currency and the Reserve Bank of India's efforts to stabilise it.
Why now: Concerns about rupee weakness and the scale of the central bank's intervention are drawing wide attention.
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Evidence
- India Forex Reserves Log Record Weekly Drop on Rupee Defense · Bloomberg.com
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