Foreign exchange reserves fall to $525 billion, lowest since July 2020

So far in 2022, the Indian currency has weakened 9.9 per cent against the US dollar

The Reserve Bank of India’s (RBI’s) foreign exchange reserves declined $3.8 billion to $524.52 billion in the week ended October 21, the latest data showed. The current level of reserves is the lowest since July 24, 2020.

The decline in reserves is largely on account of a drop in the RBI’s foreign currency assets, which fell $3.6 billion to $465.08 billion in the week ended October 21.

According to analysts, the drop in reserves in the previous week was largely attributable to the RBI’s intervention in the currency market to support rupee.

“It was the week in which the rupee