India needs more reserves to fight the Fed

Throwing money at the problem may no longer work for India. In the battle against dollar strengthensIndia’s central bank may have to accept that there is little it can do to control slip of the Indian rupeeis currently trading near a record low around $82.

Due to the aggressive intervention of the Reserve Bank of India in recent months, India’s foreign exchange reserves fell to $551 billion in early September, down from $633.6 billion at the end of 2021.

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