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India's forex reserves fall for third consecutive week
October 26, 2024
|The Business Guardian
India's foreign exchange reserves slumped for the third straight week, after having scaled an all-time high early this month.
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In the week that ended on October 18, the forex reserves kitty dipped USD 2.163 billion to USD 688.267 billion, as per the data released by the Reserve Bank of India (RBI) on Friday. In the two weeks prior to that, the kitty declined USD 3.7 billion and USD 10.7 billion, respectively.
The kitty was at a record high of USD 704.885 billion before it started falling. It is likely that the recent drop in reserves is due to RBI intervention to arrest a sharp depreciation in the Rupee.
This high buffer of foreign exchange reserves helps insulate domestic economic activity from global shocks.
هذه القصة من طبعة October 26, 2024 من The Business Guardian.
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