RBI Spends $60 Billion in Six Weeks to Support Rupee
India's foreign exchange reserves dropped by about $60 billion in six weeks as the Reserve Bank of India aggressively sold dollars to support the rupee, one of Asia's worst-performing currencies. Reserves fell from a record $785.7 billion on September 4 to $726 billion on October 9. The decline was driven by dollar sales via public sector banks amid rising crude prices, US yields, and foreign capital outflows.
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