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The Reserve Bank of India signaled it will keep buying dollars, which pushed India's forex reserves to a record $586 billion. RBI Governor Shaktikanta Das said emerging markets need reserve buffers even at the risk of being added to the US currency-manipulation watchlist.
Analysts said the intervention could keep the rupee underperforming regional currencies.
Persistent RBI dollar buying caps rupee appreciation, which keeps Indian feed and oilseed import costs in dollar terms elevated.
business-standard.comSubhadip Sircar, BloombergJan 21, 2021Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
