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Forex reserves fall $48 bn in 2 months
Business Standard
|November 30, 2024
India's foreign exchange reserves have declined $48 billion in the past two months (since September 27) as the Reserve Bank of India (RBI) intervened in the forex market to protect the domestic currency from depreciating sharply against the dollar.
Foreign exchange reserves fell for the eighth straight week after touching an all-time high of $705 billion on September 27.
According to the latest data released by the RBI, in the week ended November 22, India's foreign exchange reserves declined by $1.31 billion to stand at $656.58 billion.
Foreign currency assets—a key component of the reserves—decreased $3.043 billion to $566.791 billion, data showed.
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