Das says 67 pc of decline in forex reserves due to valuation changesUpdated: Sep 30 2022 12:42PM Mumbai, Sep 30 (PTI) Reserve Bank Governor Sha
Das says 67 pc of decline in forex reserves due to valuation changes
Updated: Sep 30 2022 12:42PM
Mumbai, Sep 30 (PTI) Reserve Bank Governor Shaktikanta Das on Friday said 67 per cent of the decline in the foreign exchange reserves since April was due to valuation changes arising from strengthening US dollar and higher American bond yields.
The forex reserves, which stood at USD 606.475 billion as on April 2, have declined to USD 537.5 billion as on September 23. It was also the eighth straight week when the reserves declined.
In the current financial year up to September 28, the US dollar has appreciated 14.5 per cent against a basket of major currencies, causing turmoil in currency markets globally.
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