How will the US Fed's decision on high interest rates impact India? | In Focus podcast

In Focus by The Hindu

The Indian rupee has had an interesting run these past few weeks. It strengthened in response to investor inflows into the markets but started losing steam soon after the Federal Reserve Chairman Jerome Powell’s testimony to the U.S. Congress in which he said controlling inflation would continue to be the focus area.

Does the RBI have a choice beyond keeping step with the Fed in raising interest rates further? What does it mean for our forex reserves?