Supporting the rupee requires RBI to deplete reserves, Gita Gopinath argues

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18.05.2026

Supporting the rupee requires RBI to deplete reserves, Gita Gopinath argues — RBI holds power over forex reserves

Gita Gopinath, first deputy managing director at IMF, examines the dynamics of India's foreign exchange reserves in her latest op-ed.

She states that only the Reserve Bank of India has the ability to deplete the country's reserves, and the critical policy issue is whether to do so in order to support the rupee. Gopinath makes the case that current conditions provide sufficient grounds to consider allowing the rupee to adjust without actively depleting reserves.

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Gopinath has previously discussed how financial risks can stem from gross capital flows even when net flows appear minimal, as detailed in a recent report. She has also challenged common views on global currency markets, stating there is no such thing as the petrodollar. These comments reflect her ongoing analysis of international financial mechanisms.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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