RBI Has Spent Half of $140 Billion FX Haul Defending Rupee
Bankers estimate India has used about half of the more than $140 billion mobilised earlier this year to bolster its foreign-exchange reserves. The report says the Reserve Bank of India has sold dollars in the spot market.
India has used roughly half of the more than $140 billion raised through special measures earlier this year to strengthen its foreign-exchange reserves. The drawdown underscores pressure on the rupee and the Reserve Bank of India’s determination to reverse its course. The Reserve Bank of India has been selling dollars in the spot market…