Foreign exchange reserves fell to $537.52 billion in the week to September 23, recording the steepest weekly decline in six months, the Reserve Bank of India’s weekly data addition showed. Friday.
The country’s reserves were $545.65 billion at the end of last week. Stocks have now fallen for eight straight weeks and are near their lowest levels since August 2020.
RBI Governor Shaktikanta Das said about 67% of the drop in reserves in the current financial year is due to a change in valuation as the US dollar strengthens.
The rupee closed at 81.34 per dollar on Friday, recovering from a record low for the week as the RBI intervened several times, according to traders, to stem volatility in the currency markets.