India’s foreign-exchange reserves are at a record and approaching the $500 billion mark, and yet, the rupee is Asia’s worst performer over the past three months.
That’s because the Reserve Bank of India doesn’t seem to be in a mood to give the currency a free run even as most of its regional peers have rebounded from the virus-induced selloff. Indonesia’s rupiah, the rupee’s high-yielding counterpart, is leading the gains.
