India's forex reserves slump by $11.17 billion; steepest fall ever
Zee News
India's foreign exchange (forex) reserves dipped by $11.17 billion in the week ended April 1.
New Delhi: India's foreign exchange (forex) reserves dipped by $11.17 billion in the week ended April 1, the steepest weekly fall ever, due to a sharp plunge in foreign currency assets, the Reserve Bank of India (RBI) data showed.
According to the RBI`s weekly statistical supplement, India's forex reserves slumped by $11.173 billion to $606.475 billion for the week ended April 1. This is the highest decline in the country`s forex reserves ever.
This is the fourth consecutive week of decline in the country`s forex reserves as the RBI continues to intervene in the currency markets by way of dollar sales to prevent a slide in the value of the rupee amid the Russia-Ukraine conflict.
India's forex reserves had declined by $2.03 billion to $617.648 billion during the week ended March 25.
The forex reserves have declined by over $26 billion in the past four weeks for which the official data is available.
