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India's forex reserves fall for third consecutive week
The Business Guardian
|October 26, 2024
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.
यह कहानी The Business Guardian के October 26, 2024 संस्करण से ली गई है।
हजारों चुनिंदा प्रीमियम कहानियों और 10,000 से अधिक पत्रिकाओं और समाचार पत्रों तक पहुंचने के लिए मैगज़्टर गोल्ड की सदस्यता लें।
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