India foreign exchange reserves fall to close two-year low

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Revealed on Sep 23, 2022 06:30 PM IST

For a 7th directly week, India’s foreign currency echange reserves dropped to $545.652 billion within the week to Sept 16, its lowest stage since October 2, 2020.

Reserves stood at 0.871 billion at the end of the previous week. (PTI)
Reserves stood at $550.871 billion on the finish of the former week. (PTI)

Reuters | | Posted through Lingamgunta Nirmitha Rao

India’s foreign currency echange reserves fell for a 7th directly week, shedding to $545.652 billion within the week to Sept 16, its lowest stage since Oct. 2, 2020, Reserve Financial institution of India’s weekly statistical complement confirmed on Friday.

Reserves stood at $550.871 billion on the finish of the former week.

Even though the autumn in reserves is in part because of valuation adjustments, analysts imagine a big a part of the autumn has been because of the Reserve Financial institution of India’s intervention within the forex marketplace to forestall the rupee from depreciating extra sharply in opposition to greenback.

The rupee steadied through the shut of buying and selling on Friday after a turbulent week, tumbling previous 81 in line with greenback to the touch a document low previous within the consultation, prompting RBI to intrude.

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