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Indian rupee is getting crushed by its own central bank
By Kartik Goyal
Bloomberg News
Wednesday, November 27, 2019
The Reserve Bank of India's efforts to support the flagging economy are turning out to be a bane for the rupee.
The currency is the worst performer in emerging Asia this quarter, and analysts say that’s because the central bank is mopping up dollars gushing into local stocks and bonds.
... Dispatch continues below ...
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The RBI bought has about $18 billion of foreign exchange since the end of September, according to estimates by Bloomberg Economics. While the purchases have propelled reserves to a record, the rupee has fallen about 0.7% since Sept. 30.
Weakness in the rupee despite robust inflows is seen as a sign the central bank wants to curb a sharp appreciation in the currency that can hurt exports. With slew of data pointing to weak economic activity, boosting shipments is high on agenda for the government. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2019-11-28/rbi-casts-pall-over-i...
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