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Unlike peers, RBI to rely on FX reserves to defend currency: Analysts
![IndiaTimes]()
Friday, 3 November 2023
India will continue to rely on its foreign exchange reserves to fend off pressure on the rupee even as some Asian central banks opt for rate hikes to defend their currencies against elevated US rates and Treasury yields, analysts said. Bank Indonesia unexpectedly raised rates on October 19, its first such move since January, and kept the door open for further hikes to defend the rupiah as it hit an 18-month low. This "highlight the increasing spillover impact of dollar strength and US yields" on Asian central banks, said Singapore-based Michael Wan, senior currency analyst at MUFG Bank.
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Friday, 3 November 2023
