The Reserve Bank of India (RBI) has faced severe headwinds of late: soaring crude oil prices, the US Federal Reserve raising interest rates, and an exodus of foreign money. Its task has only gotten trickier in the past few days.Today (May 9), the rupee fell to a record low of 77.42 a dollar—the previous low was 76.98 a dollar in March. Its forex reserves stood at $597.73 billion (45.68 lakh crore rupees) on April 29 (pdf), compared with $630.19 billion before the Ukraine war.The rupee’s decline, however, has been staggered, with the central bank deploying its dollar reserves.Read the rest of this story on qz.com. Become a member to get unlimited access to Quartz’s journalism.
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