India offloads $15B to support rupee

India intensified its interventions in the foreign exchange market last week, selling between $8 billion and $15 billion from its reserves to support the rupee, which reached its highest level in over two months at 94.285 against the dollar. This was done through protective and hedging facilities linked to foreign borrowing, which contributed to the increase in foreign exchange reserves that exceeded $750 billion, giving the central bank the capacity to intervene to reduce currency fluctuations. These interventions led to a withdrawal of liquidity from the banking system, while demand for the dollar from importers continued amid the ongoing weakness of the rupee.

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