India’s forex reserves drop to lowest since July 2020

Reuters | | Posted by Sharangee Dutta, Mumbai

India’s foreign exchange reserves fell to $524.52 billion in the week through Oct. 21 to remain at their lowest since July 2020, the Reserve Bank of India’s (RBI) weekly statistical supplement showed on Friday.

The rupee hit a record low of 83.29 per dollar in that turbulent week, and traders said the RBI had intervened in both the spot and forward markets to contain the slide.

The country’s reserves were $528.37 billion at the end of the previous week that ended October 14.

The rupee ended 0.25% higher at 82.47 per dollar this week, ending a run of six straight weeks of declines.

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