September 28, 2022
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Near 2-year low: Forex reserves fall for 7th straight week to $545.65 billion

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MUMBAI: India’s international alternate reserves fell for a seventh straight week, dropping to $545.652 billion within the week to September 16, its lowest degree since October 2, 2020, Reserve Financial institution of India’s weekly statistical complement confirmed on Friday.
Reserves stood at $550.871 billion on the finish of the earlier week.
Although the autumn in reserves is partly on account of valuation modifications, analysts imagine a big a part of the autumn has been on account of the Reserve Financial institution of India’s intervention within the foreign money 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 the touch a document low earlier within the session, prompting RBI to intervene.

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