• India has deployed an estimated $75 billion to $80 billion defending the rupee since special foreign-currency inflow measures began June 8.
• Foreign-exchange reserves fell to $734.6 billion as of October 2, approximately $51 billion below their early-September peak.
• Net forward dollar liabilities totaled approximately $200 billion at September-end, limiting usable reserves; gold holdings reached $106.4 billion on October 2.
• The RBI introduced direct dollar access for oil companies and cash-margin requirements on certain forward dollar purchases to curb open-market demand.
• Repeated interventions near 97 rupees per dollar suggest an implicit tolerance threshold, while Ambit warned continued reserve depletion could fuel depreciation speculation.

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