The rupee has been at record lows against the three major currencies it trades in mainly the dollar, pound and the Euro. According to him, India's forex reserves were sufficient while India's external borrowings were low indicating that the country is better geared to manage vulnerabilities. India's forex reserves touched $702.96 billion in the week to September 12. Currently, two Indian ministers are in the US to sort the tariff issue as well as the US visa fees issue. The RBI appears to be allowing gradual weakening of the rupee, intervening selectively to smooth volatility rather than attempting to defend a fixed level.