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Throwing money at the problem might not work for India anymore. In its battle against a strengthening dollar, the Indian central bank might have to accept there is little it can do to control the slide of the Indian rupee, which is now trading near a record low of around 82 to the dollar.

As a result of aggressive intervention by the Reserve Bank of India in recent months, India’s foreign-exchange reserves had dipped to $551 billion by early September, down from $633.6 billion at the end of 2021.

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