How RBI is desperately trying to rein in dollar-rupee exchange rate

Sept. 20, 2022, 12:17 p.m. Reuters

India's central bank is using up its foreign exchange reserves at a quicker pace than during the taper-tantrum period in 2013 as it tries to prevent overshoot in the rupee, but a larger pool of reserves may allow it to support the currency for some more time, economists said. The Reserve Bank of India (RBI) has sold a net of $ 38.8 billion from its forex reserves between January and July this year, data released on Friday showed.

A net of $ 19 billion was sold in July alone, the most recent data available, and intervention remained heavy in August when the rupee fell below 80 against the dollar, traders said.

Alongside its intervention in the spot market, the central bank's forward dollar holdings have fallen to $ 22 billion from $ 64 billion in April.

In 2013, the RBI had sold a net of $ 14 billion in the June to September pe...

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