Last Updated: September 23, 2022, 19:08 IST
India’s overseas alternate reserves fell for a seventh straight week, dropping to $545.652 billion within the week to Sept 16, its lowest degree since Oct. 2, 2020, Reserve Bank of India’s weekly statistical complement confirmed on Friday.
Reserves stood at $550.871 billion on the finish of the earlier week.
Though the autumn in reserves is partly due to valuation modifications, analysts imagine a big a part of the autumn has been on account of the Reserve Bank of India’s intervention within the forex market to forestall the rupee from depreciating extra sharply towards greenback.
The rupee steadied by the shut of buying and selling on Friday after a turbulent week, tumbling previous 81 per greenback to contact a document low earlier within the session, prompting RBI to intervene.
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