A country whose economy is expanding faster than those of its peers would typically expect its currency to strengthen. India’s growth has outstripped even that of manufacturing powerhouse China, yet the rupee has weakened every year since 2018.

India’s foreign exchange reserves dropped the most on record as the central bank’s support for the rupee weighed on the stockpile.

India’s foreign exchange reserves dropped by the most in almost two years as the central bank stepped in to support the rupee amid surging oil prices.

Sri Lanka on Tuesday clinched a credit rating upgrade from Fitch Ratings on stronger external buffers against global shocks.

India’s central bank will drain 1 trillion rupees ($10.5 billion) from lenders through bond sales, its strongest effort yet to tackle a massive build-up of surplus cash in the banking system that poses inflationary risks.

India’s foreign-exchange reserves rose by the most on record, boosted by a blockbuster overseas capital-raising program, and giving the central bank more ammunition to defend the nation’s struggling currency.

S&P Global Ratings raised Pakistan’s credit rating citing strengthened institutional capacity that has bolstered the country’s foreign exchange reserves and eased pressure on external balance.

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Bangladesh is studying a plan to issue its first-ever sovereign bond overseas, as the nation looks for ways to finance its record spending.

Just when it looked like emerging-market bonds would catch a break from falling energy prices, along came Federal Reserve Chairman Kevin Warsh to spoil the party.

India’s central bank allowed lenders to extend loans against foreign-currency deposits raised under a special program offered to overseas citizens, a move that could see billions in dollar inflows over the next few months.

State Bank of India is planning to introduce Indian rupee-denominated deposits in Sri Lanka, a move aimed at encouraging wider use of the currency in trade and investment between the neighboring nations.

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The Sri Lankan rupee surged more than 2% after the central bank reduced the period for converting export proceeds into the local currency.

Asian central banks are turning to ever more aggressive interest-rate hikes to shore up currencies, though there are few signs of success.

Sri Lanka’s central bank took steps to boost dollar liquidity in the interbank market as part of a series of measures to curb excessive depreciation in the rupee, Governor Nandalal Weerasinghe said.

Sri Lanka is the latest emerging market to tighten monetary policy aggressively as an oil crisis triggered by the Iran war pushes currencies to record lows and threatens economic stability.

The Sri Lankan rupee is set to recover from its slide by the end of this year as oil prices are set to decline and as the central bank raises interest rates, according to BMI.

The Sri Lankan rupee surged against the dollar, snapping a nine-day losing streak to become Asia’s best-performing currency on Friday.

The Sri Lankan rupee weakened to a three-year low on Thursday, underperforming all Asian peers, as a gain in oil prices weighed on the currency.