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The RBI has kept the rupee in a narrow range against the dollar and is only down about 0.3% this year unlike most of its Asian peers which have weakened a lot more.
The Indian rupee will hew a close path to the U.S. dollar over the coming three months as regular interventions from the Reserve Bank of India keeps the currency on a tight leash, a Reuters poll... -May 02, 2024 at 10:07 pm EDT - MarketScreener
A recent drop in foreign exchange reserves to $640.33 billion, a six week low, shows the central bank has been selling dollars amid conflict in the Middle East and delayed expectations for rate cuts by the U.S. Federal Reserve.
Foreign exchange reserves also include India's reserve tranche position in the International Monetary Fund.
For the week ended April 5, the foreign currency assets, a major component of the reserves, increased by USD 549 million to USD 571.166 billion, the data released on Friday showed.