RBI Spends Half of FX War Chest to Defend Rupee
India has used about half of the $140 billion mobilized earlier this year to defend the rupee. High oil prices and foreign outflows forced the central bank to intervene.
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India has deployed about $75 billion to $80 billion of its special foreign exchange war chest to defend the rupee since June 8, according to bank estimates. The drawdown represents half of the more than $140 billion mobilized earlier this year to bolster central bank reserves.
