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RBI deploys US$2.8b in reserves to strengthen rupee defence

Mr Rajan may spend up to US$20 billion in 2016 to anchor the rupee around 65 per US dollar.


INDIAN central bank governor Raghuram Rajan oversaw the biggest jump in currency reserves among major developing nations and he is not afraid to use them to help the rupee.

In a sign of intervention, the holdings fell US$2.8 billion in the two weeks ended Jan 8 to US$326.4...