The country’s reserves totaled $545.65 billion at the end of last week.
Mumbai:
Foreign exchange reserves fell to $537.52 billion in the week to September 23, marking their strongest weekly decline in six months, the Reserve Bank of India’s weekly statistical supplement showed on Friday.
The country’s reserves totaled $545.65 billion at the end of last week. Reserves have now fallen for eight consecutive weeks and are near their lowest levels since August 2020.
About 67% of the decline in reserves during the current fiscal year was the result of valuation changes as the US dollar strengthened, RBI Governor Shaktikanta Das said in his monetary policy speech earlier in the day.
The rupee closed at 81.34 per dollar on Friday and recovered from record lows during the week as the RBI intervened several times, according to traders, to contain volatility in currency markets.
