Rupee loses 10% vs USD over a year, FX reserves fall to near 2-yr low

The rupee has depreciated 9.7 per cent against the dollar since September 2021

The rupee has depreciated 9.7 per cent against the US dollar over a year and with the RBI stemming the rupee’s weakness through dollar sales, its reserves have dropped to their lowest levels since October, 2020. The fall in reserves has widespread implications, Bhaskar Dutta writes

Fx Reserves: The headline foreign exchange reserves have decline to $545.65 billion as on September 16, 2022. Some of that is owing to revaluation in the face of a stronger dollar, but analysts say a major part of the fall is due to the RBI’s interventions in the forex market
 

Rupee Depreciation: The