Using the forex pile to defend the rupee effectively brings down India's import cover to less than nine months, economists said. At present, the reserves are sufficient to cover of 9-10 months of imports.The central bank was present in the market almost daily through March as the currency repeatedly touched fresh lows, weakening more than 4% from 90.98/$on February 27 to 94.83/$ by March 30."To sterilise intervention in the spot market and contain liquidity drawdown, the RBI started intervening in the for ...