scorecardresearchIndia’s forex reserves drop $90 billion as RBI tries to defend Rupee

India’s forex reserves drop $90 billion as RBI tries to defend Rupee

Updated: 20 Sep 2022, 08:51 AM IST
TL;DR.
The drawdown has reduced the import cover these reserves provide to nine months, still above a standard benchmark of three months, but far below the 19 months at the beginning of 2021.
While the focus remains on the US dollar, it is worth pointing out that against other major currencies, including the euro, yen, and sterling, the rupee has strengthened, not weakened, this year (Shutterstock)

While the focus remains on the US dollar, it is worth pointing out that against other major currencies, including the euro, yen, and sterling, the rupee has strengthened, not weakened, this year (Shutterstock)