Rupee at Low Even as India Spends $100 Billion in a Year
- Rupee fell to a new record amid a wave of risk aversion
- Stockpile declined $5.22 billion to $545.7 billion on Sept. 16
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India has spent nearly $100 billion in the past year to defend the rupee in a battle that has so far failed to staunch the local currency’s drop to a record low against the dollar on Friday.
Data from the Reserve Bank of India showed that the country’s forex reserves have fallen to $545.7 billion as of September 16, from $550.8 billion a week ago, and a far cry from the $642.45 billion seen exactly a year ago. The reading is the lowest since October 2, 2020.