In 2022, the Indian rupee depreciated sharply against the US dollar, echoing the 2013 episode triggered by the tapering of quantitative easing by the US Federal Reserve. This time, high global inflation, the Russia–Ukraine war, and aggressive rate hikes by the US Federal Reserve led to capital outflows from India. The resulting currency depreciation raised import costs and inflationary pressures. The Reserve Bank of India faced a policy dilemma: whether to raise interest rates further to stabilize the rupee and curb inflation or pause to support post-pandemic recovery, amid differing views on the need for intervention in the foreign exchange market.
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