Since the beginning of 2022, India's reserves have fallen 13.88 percent from 633.6 billion US dollars to 545.6 billion US dollars as of Sept. India's central bank, the Reserve Bank of India (RBI), has burnt forex reserves at a dramatic pace this calendar year to prevent exchange rate volatility, an intervention aimed at defending the currency at a particular level.Īccording to a report in the local daily Business Line, as the RBI sold dollars to arrest the fall of the rupee, India's forex reserves depleted the most among all emerging economies. In 2022 so far, the rupee has depreciated 8.9 percent against the US dollar. The rupee declined last week against the US dollar and is currently close to inching toward 82. Indian rupee has fallen to a record low against the US dollar. A vendor counts Indian currency notes at a vegetable market in Mumbai, India, Aug.
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