MUMBAI, Sept 29 (Reuters) – India’s foreign exchange reserves (INFXR=ECI) declined for the third consecutive week, reaching their lowest level in four months as of September 22, according to Reserve Bank of India (RBI) data. The total amount was 590.7 billion dollars. It aired on Friday.
This was a decrease of $2.3 billion from the previous week. Reserves had fallen by a total of $5.9 billion over the past two weeks.
The central bank has been intervening in the spot and forward markets to prevent the rupee from spiraling out of control.
Traders said the Reserve Bank of India has likely been selling dollars through public sector banks to prevent the rupee from falling to record lows against the dollar over the past few transactions.
Apart from central bank intervention, changes in foreign currency assets expressed in dollar terms include the impact of appreciation or depreciation of other currencies held in RBI’s foreign exchange reserves.
Foreign exchange reserves include India’s reserve tranche position in the International Monetary Fund.
In the week for which foreign exchange reserve data is relevant, the rupee appreciated by 0.2% against the dollar, trading in the range of 82.8225-83.2725 rupees.
The rupee ended at 83.04 rupees on Friday, down 0.1% for the week.
Foreign exchange reserves (US$ million)
Source text: (https://bit.ly/3PVt2Rv)
Report by Siddhi Nayak.Editing: Irene Soren
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