RBI Governor who spent $4.39 billion reveals why India's forex reserves just hit a wall
Key Points
- India's forex reserves plummeted $4.39 billion to $690.72 bi...
India's forex reserves just dropped $4.39 billion to $690.72 billion in a single week, proving that even being the world's fourth-largest currency hoarder doesn't make you immune to a good old-fashioned dollar beatdown.
The Reserve Bank of India has been throwing money at the currency market like a Vegas high-roller, desperately trying to prop up the rupee as it slides toward its latest record low of 88.21 against the dollar. It's the financial equivalent of trying to catch a falling knife - technically possible, but you're probably going to get cut.
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