Why does it appear like the reserve bank of India is in a relentless battle against the market, always bleeding USD asset to (supposedly) prevent the rupee's fall, but the rupee falls anyway over the months (getting only short term weeklong boosts) and the reserve bank keeps bleeding anyway? Is Indian rupee becoming a basket case currency like Turkey or Iran? Are Indians adopting enough Gold or Bitcoin?
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As an outsider who doesn't pay much attention to foreign currencies, I think of the rupee in the same way I think of those other terrible currencies.
Sold dollars to prop up the Rupee?
That is what the article is saying. If I had my rupee denominated assets I would take this chance to sell my rupee and get to harder money.