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Business & Finance

India’s forex reserves fall to over 3-month low of $560bn

Published March 17, 2023 Updated March 17, 2023 06:49pm
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By Reuters
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MUMBAI: India’s foreign exchange reserves fell to $560 billion as of the week ended March 10, their lowest since early-December, the Reserve Bank of India’s (RBI) statistical supplement showed on Friday.

The reserves stood at $562.40 billion in the week to March 3.

The central bank intervenes in the spot and forwards market to prevent runaway moves in the rupee’s exchange rate against the dollar. The RBI has said in the past that changes in reserves also stem from valuation gains or losses.

India’s forex reserves increase, stand at $562.4bn

Last week, the rupee fell 0.1% against the dollar as the banking crisis in the United States unfolded, with the currency trading in a range of 81.6150 to 82.2975. The rupee ended at 82.5525 on Friday.

RBI Reserve Bank of India India's forex reserves

Comments

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Tulukan Mairandi Mar 17, 2023 08:40pm
Indians don't even feel it.
0
Az_Iz Mar 17, 2023 11:14pm
The ICC is just a tool to go after anyone who does not play ball with the West, on their terms.
0
KhanRA Mar 18, 2023 12:15am
Indias debt to GDP ratio is almost the same as Pakistan’s, but with their debt they’ve built up massive foreign reserves while we are on the verge of default.
0
Awami Mar 18, 2023 05:17am
It appears Idia is also going down same as Pakistan.
0
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