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Risk of RBI's approach to rupee
Mint New Delhi
|January 17, 2025
Holding on The Indian rupee has held up over the medium-term even as it has fallen sharply recently
The excessive exchange-rate stability of the past two years may have come at a huge cost to the economy. For two years, the rupee was stable. So stable that the International Monetary Fund reclassified India's exchange-rate regime to 'stabilised arrangement' from 'floating' in December 2023.
The tide turned in October 2024, and the rupee has lost 3% of its value against the dollar since then. The Reserve Bank of India (RBI) aggressively intervened in the forex markets, spending some $70 billion from its reserves to defend the rupee, but couldn't break the fall.
This story is from the January 17, 2025 edition of Mint New Delhi.
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