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To defend the rupee, the Reserve Bank of India has dipped into its forex reserves. It has sold a net $43.15 billion worth of dollars since the start of 2022, including $4.25 billion this August.
The country's banking liquidity slipped into deficit on Tuesday for the first time in over three years, according to data from the Reserve Bank of India, , banking
As economists point out, an aggressive monetary policy response from the Fed is likely, which could have a cascading effect on the Indian economy.