Reuters was first to report that India’s central bank is prepared to sell a sixth of its foreign exchange reserves to defend the rupee against a rapid depreciation after it plumbed record lows in recent weeks. The rupee has lost over 7% of its value in 2022 and weakened past the psychological level of 80 per U.S. dollar on Tuesday. Despite the drawdown, the Reserve Bank of India’s reserves of $580 billion remain the fifth largest in the world, giving the central bank confidence in its ability to prevent any sharp, jerky depreciation of the currency.
The post Reuters reveals India central bank prepared to spend $100 bln more defending rupee appeared first on Reuters News Agency.
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