According to a Kotak Securities report, the USD-INR pair will trade in the 79-83 range for the rest of FY23 (and average around 80.2 in FY23E), with restricted RBI FX intervention. Meanwhile, India s forex reserves declined $5.219 billion in the week ended September 16, to stand at $545.652 billion. Overall, the reserves have shrunk $61.657 billion since March-end, partly due to RBI s intervention in the forex market to contain volatility in the domestic currency.
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