October 29, New Delhi: During the week ending October 21, India’s foreign exchange reserves fell to a new over two-year low of USD 524.520 billion, a drop of USD 3.85 billion from the previous week.
According to RBI data, the country’s forex reserves were 528.367 billion at the end of the week on October 14.
According to the most recent RBI data, India’s foreign currency assets, the largest component of its forex reserves, fell by USD 3.59 billion to USD 465.075 billion.
During the most recent week, the value of gold reserves fell by USD 247 million to USD 37.206 billion.
For months, forex reserves have been declining due to the RBI’s likely intervention in the market to defend the depreciating rupee against a surging US dollar. Additionally, rising import costs necessitated a greater requirement of reserves for trade settlement.
