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India's foreign exchange reserves dip to 4-month low

Published : Saturday, 23 September, 2023 at 11:29 AM  Count : 403

India's foreign exchange reserves dipped by 860 million U.S. dollars to 593.037 billion dollars during the week ended Sept. 15, showed data released by the country's central bank, the Reserve Bank of India (RBI), on Friday.

This was the second consecutive week when the South Asian country's forex reserves declined. During the week ended Sept. 8, the forex decreased by 4.99 billion dollars to 593.90 billion dollars.

The current value of forex reserves is said to be a four-month low.

The fall in forex reserves is attributed to the steps taken by the RBI to defend the Indian rupee amid pressures caused majorly by global developments since last year.

The foreign currency assets, a major component of the forex reserves, also decreased by 511 million dollars to 525.915 billion dollars, showed the Weekly Statistical Supplement released by the RBI.


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