Key Points
India's foreign exchange reserves fell for the fifth consecutive week as the Reserve Bank of India was likely to have sold dollars to prevent a steep fall in the value of rupee against the dollar amid concerns over elevated global interest rates...
The forex reserves fell $2.166 billion in the week to October 6, taking the total fall to $14.154 in the past five weeks..
Reserves stood at $487.742 billion at the end of October 6, according to the latest available data shared by the central bank...
"RBI was selling dollars to support the Indian currency," a forex dealer said.. RBI intervenes in the currency market to prevent excess volatility in the exchange rate without targeting a particular level of the rupee, Governor Shaktikanta Das said Thursday...
Foreign currency assets, which is the largest component of India's forex reserves, fell $707 million to $519.529 billion.. (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)..
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