India's FX reserves drop $5.66bn as RBI defends rupee

India's FX reserves drop $5.66bn as RBI defends rupee. The Reserve Bank of India is reportedly intervening in forex markets to prevent the rupee from weakening beyond 85 against the dollar. This led to a significant drawdown in foreign exchange reserves by $5.66 billion. Such moves may continue if volatility persists near key psychological levels.

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