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Forex reserves decline for second month
The New Indian Express Tadepalligudem
|December 21, 2024
THE foreign exchange reserves continued the downward trajectory for the second month. Forex reserves lost nearly $2 billion to an six-month low of $652.87 billion in the reporting week ending December 13 as the Reserve Bank continued to sell dollars to defend the rupee, which was on a losing streak since October and had hit then lowest of closing below 84.75.
According to the weekly statistical supplement released by the central bank Friday, the forex reserves dropped by $1.988 billion to $652.869 billion for the week to December 13.
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