India’s foreign exchange (forex) market erased its mark of over $560 billion in the week ended September 2. In the month of August, the reserves saw a sharp decline as the RBI leaned towards controlling the depreciation of the rupee against the US dollar. In the latest week, stocks were at their lowest in more than 23 months. All the components of foreign exchange reserves were the most heavily weighted on the performance of foreign currency assets (FCAs) during the week under review.
According to the latest RBI data, for the week ended September 2, the country’s foreign exchange reserves stood at $553.105 billion – a decline of $7.941 billion from the previous week—the lowest since October 9, 2020. In the week ended August 26, the foreign exchange reserves in 2022 stood at $561.046 billion.
catch all business News, market news, today’s fresh news events and breaking news Updates on Live Mint. download mint news app To get daily market updates.