India’s foreign exchange reserves hit 2-year low NewsPipa

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Mumbai: India’s foreign exchange reserves fell for the seventh straight week, touching $545.652 billion in the week ended September 16, Reserve Bank of India data showed on Friday.

Foreign exchange reserves stood at $550.871 billion in the previous week ended September 9. Reserves fell by $5.22 billion to the lowest level since October 2, 2020, RBI’s weekly statistical supplement showed on Friday.

In the week ended September 16, foreign exchange assets stood at $484.901 billion, gold reserves at $38.186 billion and special drawing rights at $17.686 billion.

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Foreign exchange reserves at the end of the previous week were $550.871 billion.

The Indian rupee fell 41 paise to an all-time low of 81.20 against the US dollar on Friday.

At 09:25 am IST, the local currency was trading at 81.13. The rupee fell 1.1 percent against the dollar on Thursday, closing at a record low of 80.87 per dollar.

Experts say that a major part of the fall is due to the intervention of the Reserve Bank of India in the currency market, although the decline in reserves is partly due to changes in valuation.

The Indian stock market’s key indices, the Nifty and the Sensex, fell nearly 2 percent on Friday, after the US Federal Reserve signaled an aggressive interest rate hike, wiping out over Rs 4 lakh crore of investors’ assets amid weak global cues. Rate to control inflation.

The 30-stock S&P BSE Sensex fell 1,020.80 points, or 1.73 percent, to 58,098.92 points from the previous day’s close of 59,119.72 points.

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