INSUBCONTINENT EXCLUSIVE:
additional $25 billion, at least, in the foreign-exchange market, SBI estimates, based on intervention patterns since the 1990s
could fall by as much as $100.8 billion before reaching the August 2013 levels which triggered a bond sale to overseas Indians to mop up
reserves, it said.
The central bank has been slowing its intervention efforts in recent months as emerging markets faced a rout and oil
reflection of the fact that as an inflation targeting central bank, RBI may be concerned about the exchange rate only to the extent it feeds
April to June, with $24.6 billion of drawdown in reserves, including its forward book
However, data show that FX intervention slowed to $1.9 billion of net selling in July, and then an estimated $3.6 billion in August,
according to Nomura.
India unveiled measures to prop up the sagging rupee on Friday, including steps to facilitate bond issuance by local
companies and possible curbs on imports
However, markets gave a thumbs down to the proposals, with the rupee dropping 1.5% so far this week to close at 72.975 to a dollar on
