Forex Reserves Decline $4.5 Billion To Over Two-Year Low After Brief Halt
NDTV
India's foreign exchange reserves fell to over a two-year low in the week ending October 14.
India's foreign exchange reserves fell to over a two-year low in the week ending October 14 as the Reserve Bank of India defended the rupee from sharp declines against a surging dollar.
In the week ending October 14, the country's FX reserves fell $4.5 billion to $528.367 billion, from $532.868 billion in the week prior when they surprisingly rose $0.2 billion, according to the weekly statistical supplement data from the RBI.
Forex reserves have nosedived over $100 billion since Russia invaded Ukraine late in February, with the country's import cover down nearly $114 billion from its peak late in October last year.
India's forex reserves have fallen in 27 of the 34 weeks since late February.
