Why RBI is not fighting the slide in the rupee

One of the reasons for the rupee sliding sharply against the dollar is the Reserve Bank of India’s reluctance to support the rupee by selling dollars, like it usually does during periods of volatility. And there is good reason, why the RBI is avoiding what could well turn out to be a losing battle. As can be seen from the chart, India’s import cover--the number of months of imports that can be paid for by a country's forex reserves - is at a 12-year low. The import bill has soared in the last few years, but forex reserves have not kept pace.
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