even when India spends $100 billion from reserves, the rupee is weak.

India's forex reserves have declined to $545.7 billion as of September 16 . The country's currency has lost more than 8% against the greenback this year .

In the last year, India has invested nearly $100 billion to defend the rupee, but the local currencies haven't been able to stem their decline to a new low against the dollar on Friday.According to data from the Reserve Bank of India, the country's forex reserves have declined to $545.7 billion as of September 16, down from $550.8 billion a week earlier, a significant reduction from the $642.45 billion seen just last year.The figure is the lowest since October 2, 2020.Given the dollar move upwards, it is likely that some of the decline is also due to revaluation adjustments.

India's currency has dropped to a new low of 81 dollars per dollar last year and has lost more than 8% against the greenback this year.After the Federal Reserve signaled a longer-than-expected tightening cycle, the dollar has risen to a two-decade high against major currencies.The findings are attributed to the RBI's strong defensive effort in the last few weeks to calm market fears of further currency losses.The decline in the rupee has also triggered fears concerning inflation, external deficits, and company profits.