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India's RBI has spent half of $140 billion FX capital haul in rupee defence, bankers estimate
MUMBAI: India has used up about half of the more than $140 billion it mobilised through special measures to bolster its foreign exchange war chest earlier this year, highlighting pressure on the rupee and the central bank’s determination to turn the tide. The Reserve Bank of India’s spot market dollar sales to support the local currency, alongside dollar-rupee sell/buy swaps aimed at absorbing surplus rupee liquidity in the banking system, are behind the drawdown, economists and FX traders across six banks said. Pressure on the rupee from high oil prices, a recent surge in US Treasury yields, ...
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