While the rupee has depreciated at a modest pace compared to many of India’s trading partners, the armoury of forex reserves is a lot more comfortable than 2013. There is still more room for the value of the rupee to ease further. RBI's reserves adequacy ratio - an average of IMF measures under four forex regimes, now stands at 236 percent, down from 266 percent in September 2024 when the foreign exchange reserves had peaked to $705 billion. But it is still significantly higher than 176 percent seen during the taper Tantrum in August 2013, shows a study by Nomura.