1 of 1
Story summary
- RBI sold at least $8 billion of dollars last week to support the rupee.
- The intervention lifted the rupee to a two-month high of 94.2850 on September 3.
- RBI’s discounted hedging facility and free-of-cost FX deposit facility attracted over $136 billion in inflows.
- Dollar-selling drained rupee liquidity from banks which had recently hit a record high.
- India’s foreign-exchange reserves stood at $740.8 billion on August 21 and likely exceeded $750 billion thereafter.
