India’s Forex reserves decline to over two-year low to $532.66 bn

The Reserve Bank of India’s (RBI) weekly statistical supplement showed that India’s foreign exchange reserves (Forex) fell to $532.66 billion in the week ending September 30, the lowest level since July 2020.

The country’s reserves fell for the ninth week in a row. They stood at $537.52 billion at the end of the previous week, which ended on September 23.

The rupee broke through the key 82 per dollar level on Friday, after falling for four weeks in a row, with traders speculating that the RBI may have intervened occasionally during that time to slow the currency’s decline.

Source:BS