RBI May Continue to Defend Rupee for Stability

Past two years may have come at a huge cost to the economy—as Mint reported on 16 January.

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During this period, the rupee was so stable that the International Monetary Fund reclassified India's exchange-rate regime to 'stabilised arrangement' from 'floating' in December 2023.

India's forex reserves have also fallen $7.7 billion from end-March 2024 to $638.7 billion on 28 February, according to the latest RBI data. The kitty has shrunk $16.2 billion from the beginning of December.