Rajan cautions against spending $140 billion to defend the rupee

Former Reserve Bank of India governor Raghuram Rajan has warned against using up about $140 billion of foreign exchange reserves to prop up the rupee. He argued that defending the currency at any cost would be damaging to the economy. Rajan's comments highlight the trade-off between reserve buffers and exchange rate stability. The remarks come amid ongoing pressure on the rupee in global currency markets.