MUMBAI, Oct. 22 (Xinhua) -- India's foreign exchange reserves continued the downward trajectory, falling 4.5 billion U.S. dollars to 528.37 billion
MUMBAI, Oct. 22 (Xinhua) — India’s foreign exchange reserves continued the downward trajectory, falling 4.5 billion U.S. dollars to 528.37 billion U.S. dollars for the week ending Oct. 14, according to data released by the South Asian country’s central bank late Friday.
In the previous week ending Oct. 7, the forex reserves had unexpectedly improved for the first time in 10 weeks, as gains in gold reserves lifted the forex reserves by 204 million U.S. dollars.
India’s forex reserves had fallen to their lowest since July 2020, to 532.66 billion U.S. dollars for the week ending Sept. 30.
The erosion in forex coffers was an outcome of the Reserve Bank of India’s (RBI) intervention to stem the depreciation of rupee, which hit an all-time low earlier this week, according to experts.
On Oct. 14, the rupee ended at 82.35 per U.S. dollar, compared with 82.345 in the previous session and 82.32 in the prior week.
The fall in the forex reserves can be attributed to a drop in the Foreign Currency Assets, a major component of the overall reserves, according to the Weekly Statistical Supplement released by the RBI.
India’s Foreign Currency Assets reduced by 2.83 billion U.S. dollars to 468.67 billion U.S. dollars for the week ending Oct. 14. ■
news.google.com