India’s forex reserves decline to over two-year low

MUMBAI: India’s foreign exchange reserves fell to $532.66 billion in the week through Sept. 30, their lowest level since July 2020, the Reserve Bank of India’s (RBI) weekly statistical supplement showed on Friday.

The country’s reserves declined for a ninth consecutive week. They were $537.52 billion at the end of the previous week ended Sept. 23.

The rupee breached the key 82 per dollar level on Friday, having weakened for four straight weeks, with traders saying the RBI had likely intervened occasionally over the period to arrest the pace of currency’s fall.