economy
How hard is RBI trying to defend rupee?
Sep 23, 09:09

The Indian rupee is hurtling towards new record lows, having breached the 81-per-dollar mark in the aftermath of the US Federal Reserve's decision late Wednesday to increase interest rates by 75 basis points. While market participants say the Reserve Bank of India (RBI) has not put up much of a fight in recent days, the Indian central bank fought very hard to keep the rupee afloat a couple of months ago. Just how hard? In July, the RBI sold over $19 billion net to prop up the Indian currency. On a gross basis, nearly $39 billion was sold by the RBI – the most it has ever sold in a month.

RBI's FX sales_001