Near 2-year low: Forex reserves fall for 7th straight week to $545.65 billion

MUMBAI: India’s foreign exchange reserves fell for the seventh consecutive week, to $545.652 billion in the week to September 16, the lowest level since October 2, 2020, according to the Bank’s weekly statistics. India Reserves showed on Friday.
Reserves stood at $550,871 billion at the end of last week.
Although the drop in reserves was partly due to a change in valuation, analysts believe a large part of this decline was due to the intervention of the Reserve Bank of India in the currency markets to prevent the rupee from falling. stronger than the dollar.
The rupee steadied late Friday after a volatile week, falling to 81 per dollar to hit a record low earlier in the session, prompting the RBI to intervene.

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