Shoring up the rupee: a sticking-plaster solution?
Trying to fight movement of India’s currency against fundamentals is futile, says former RBI governor
The Reserve Bank of India has been reportedly intensifying its efforts to support the rupee over the past month, enabled by comfortable reserves and substantial foreign deposit inflows. The interventions come as high global oil prices continue to put pressure on the import-dependent nation.
The rupee strengthened to a two-month high on September 1, as the central bank stepped in to support it through dollar sales, according to Bloomberg. The currency gained as much as 0.4%, reaching around 94.8
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