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Highlights Ind's forex reserves during week that ended on Oct 21 fell to new over 2-year low of USD During the week that ended on October 14, the country's forex reserves were at According to RBI's latest data, India's foreign currency assets, which are the biggest component of the forex reserves, declined by USD 3.
The forex reserves have been falling for months now because of RBI's likely intervention in the market to defend the depreciating rupee against a surging US dollar. Also, rising costs of imported items also necessitated the higher requirement of reserves for trade settlement. The Indian rupee has been weakening over the past few weeks to hit fresh new all-time lows as the US dollar strengthened against major global currencies.
Also, rising costs of imported items also necessitated the higher requirement of reserves for trade settlement. The Indian rupee has been weakening over the past few weeks to hit fresh new all-time lows as the US dollar strengthened against major global currencies.
Last week, the rupee breached the 83 mark for the first time in its history. So far this year, the rupee has depreciated around per cent. Typically, the RBI intervenes in the market through liquidity management, including through the selling of dollars, with a view to preventing a steep depreciation in the rupee.
Foreign Exchange Reserves in India decreased to USD Million in October 21 from USD Million in the previous week. Foreign Exchange Reserves in India averaged . Sep 23, · MUMBAI, Sept 23 (Reuters) - India's foreign exchange reserves (INFXR=ECI) fell for a seventh straight week, dropping to $ billion in the week to Sept 16, its lowest . Oct 25, · Updated: 26 Oct , AM IST Niti Kiran Premium Photo: iStock. India’s forex reserves were $ billion as of 14 October, the lowest since July , and sharply .