 "India's forex reserves fall by $5.22 bn to near two-year low: RBI data")
MUMBAI (Reuters) - India's foreign exchange reserves fell for a seventh straight week, dropping to $545.652 billion in the week to Sept 16, its lowest level since Oct. 2, 2020, Reserve Bank of India's weekly statistical supplement showed on Friday.
Reserves stood at $550.871 billion at the end of the previous week.
Though the fall in reserves is partly due to valuation changes, analysts believe a large part of the fall has been on account of the Reserve Bank of India's intervention in the currency market to prevent the rupee from depreciating more sharply against dollar.
The rupee steadied by the close of trading on Friday after a turbulent week, tumbling past 81 per dollar to touch a record low earlier in the session, prompting RBI to intervene. [INR/]
(Reporting by Swati Bhat; Editing by Dhanya Ann Thoppil)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app