The U.S. dollar index lost over 6% between early October and late December on speculation the U.S. Federal Reserve will slash rates this year starting in March. But the rupee hardly moved thanks to heavy use by the RBI of its $600 billion-plus reserves to maintain the value of the currency.
Constant RBI intervention to keep rupee in tight range through 2024: Poll on January 5, 2024 at 2:25 am
