Foreign exchange reserves peaked in September 2024 and the RBI is estimated to have sold $111.2 billion, or around 18% of foreign exchange reserves since then, according to Nomura. The RBI is also believed to have significantly intervened on February 10 and 11 to reverse one-sided depreciation in the currency, and is estimated to have sold over $10 billion, according to DBS Bank.
Foreign exchange reserves peaked in September 2024 for most Asian central banks, except for Indonesia, where it peaked in December 2024. Central bank intervention impacts the exchange rate for their respective currencies. The rupee was among the better performing currencies among its Asian peers, and ended up being the second best currency since October – depreciating slightly more than the Philippine peso.
AgenciesCurrencies of the Philippines and South Korea have depreciated 3.49% and 9.56%, respectively, since October. The Indian rupee has depreciated 3.53% during the same time
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