Last Update: 23 September 2022, 18:44 IST
India’s forex reserves fell for the seventh consecutive week to $545.652 billion in the week to September 16, its lowest level since October 2, 2020, the Reserve Bank of India’s weekly statistical supplement showed on Friday.
At the end of the week, reserves stood at $550.871 billion.
While the fall in reserves is partly due to a change in valuations, analysts believe that a large part of the fall is due to the Reserve Bank of India’s intervention in the money market to prevent the rupee from depreciating more rapidly against the dollar. has been done.
After a turbulent week, the rupee held steady at the close of trading on Friday, having touched a record low of 81 per dollar earlier in the session, prompting the RBI to intervene.
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