India's central bank has sold nearly $600 billion defending the rupee — and may still have to raise rates
The Reserve Bank of India has built a $136.77 billion short forward position and borrowed $143.5 billion from NRI depositors as the rupee slid from 84 to roughly 96 against the dollar. The MPC held rates at 5.25 per cent in August, but the minutes pointed to possible rises ahead.
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