Friday, December 2, 2022
Home BUSINESS India's forex reserves fall by $5.22bn to near two-year low: RBI data

India’s forex reserves fall by $5.22bn to near two-year low: RBI data

MUMBAI (Reuters) – India’s foreign exchange reserves fell for the seventh consecutive week, falling to $545.652 billion in the week to September 16, their lowest level since October 16. 2, 2020, the weekly statistical supplement of the Reserve Bank of India showed on Friday.

Reserves stood at $550,871 million at the end of the previous week.

Although the drop in reserves is partly due to valuation changes, analysts believe that much of the drop is due to the Reserve Bank of India’s intervention in the foreign exchange market to prevent the rupee from depreciating. more against the dollar.

The rupee stabilized at the close of trading on Friday after a turbulent week, falling below 81 per dollar to hit an all-time low earlier in the session, prompting the RBI to intervene. [INR/]

(Reporting by Swati Bhat; Editing by Dhanya Ann Thoppil)

(Only the headline and image in this report may have been modified by Business Standard staff; all other content is auto-generated from a syndicated source.)

[ad_2]

RELATED ARTICLES

US blocks sugar imports from Dominican Republic, citing forced labor

Charity Ryerson, executive director of the Corporate Accountability Lab, a Chicago-based human rights organization, said the restrictions would be a powerful push for Central...

Regional airports have lost a large number of flights

Even when airports are served by multiple airlines, "when you drill down to the route level, there may only be one option," Mr. Samson...

Indian startups join the space race

youhello flight, a 90 km suborbital excursion, was over in minutes. But for India, the rocket launched by Skyroot Aerospace on November 18,...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Georgia Supreme Court reinstates state ban on abortions after about six weeks of pregnancy

Georgia Supreme Court reinstates state ban on abortions after about six weeks of pregnancy

Adderall and amoxicillin shortages raise questions about transparency at Big Pharma

Critical shortages of the ADHD drug Adderall and the antibiotic amoxicillin have left families reeling as the medications their loved ones need become harder...

Humberside Police judged ‘outstanding’ five years after being classified as failing | politics

A police force has gone from being classified as a failure five years ago to receiving the highest ratings in the modern era from...

Readers discuss Trump devotees, Republican love of guns and healthy eating – New York Daily News

Medford, LI: On successive news days this Thanksgiving week, I read that US Attorney General Merrick Garland has appointed a special prosecutor to investigate...