Is RBI running out of ammo to defend the rupee?

The Reserve Bank of India has deployed an estimated $75 billion to $80 billion defending the rupee since June, and forex reserves fell to $721 billion by October 16. Ambit Capital warns that declining usable reserves and $200 billion in forward dollar liabilities constrain the defence. Derivative curbs and direct dollar supplies to oil companies have eased market pressure, but not underlying demand.

Source: ET BFSI ↗