RBI steps in to support rupee as forex reserves dip $52bn in a month
The Reserve Bank of India (RBI) intervened to support the rupee as forex reserves fell by $52 billion, from $785.7 billion on September 4 to $734 billion on October 2. To curb volatility, RBI will sell dollars to major oil companies and impose a 20% reserve on banks for dollar purchases over $2 million. These measures aim to stabilize the currency.