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India’s forex reserves fall to near two-year low

US dollars (Image: Reuters)

India’s foreign exchange reserves fell for a seventh straight week, dropping to $545.652 billion in the week to September 16, the Reserve Bank of India’s weekly statistical supplement showed on Friday.

The foreign exchange reserves stood at $550.871 billion at the end of the previous week. In the week ending September 9, 2022, the reserves dropped by $2.2 billion.

Also read: India spending forex reserves at a faster pace than during the 2013 taper tantrum

Although the fall in reserves is partly due to valuation changes, analysts believe a large part of the fall has been on account of the Reserve Bank of India’s intervention in the currency market to prevent the rupee from depreciating more sharply against the dollar.

The rupee steadied by the close of trading on Friday after a turbulent week, tumbling past 81 per dollar to touch a record low earlier in the session, prompting the RBI to intervene.

(With inputs from Reuters)

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