$60 billion in 6 weeks: RBI's rupee defence comes at a cost

The Reserve Bank of India (RBI) has spent approximately $60 billion in just six weeks to defend the rupee, leading to a significant depletion of its foreign exchange reserves.

As of October 9, the reserves stood at $726 billion, down from $785.7 billion on September 4. The latest reporting week alone showed a depletion of $8.58 billion.

This rapid decline in reserves is a cause for concern as it could potentially impact the country's economic stability and international trade.