India’s Forex Reserves Drop $18.3 Billion as RBI Defends the Rupee
India’s foreign exchange reserves fell by $18.34 billion to $747.56 billion in the week ended September 25, extending a third straight weekly decline, according to central bank data. The drawdown suggests the Reserve Bank of India stepped up intervention to cushion the rupee, which has come under pressure amid global dollar strength and shifting capital flows.
