Forex Reserves Show Biggest Weekly Decline In 11 Months, Fall To $566.9 Billion


Last week, the rupee fell 0.8% against the U.S. dollar. (File)

Mumbai:

┬áIndia’s foreign exchange reserves fell 8.3% in the week to Feb. 10, logging its biggest decline in more than 11 months, the Reserve Bank of India’s (RBI) statistical supplement showed on Friday.

The reserves stood at a one-month low of $566.95 billion at the end of last week, down from $575.27 billion at the end of the prior week, during which it fell 1.5%.

The central bank intervenes in the spot and forwards market to prevent exchange rate volatility. The RBI has said in the past that changes in reserves also stem from valuation gains or losses.

Last week, the rupee fell 0.8% against the U.S. dollar, its biggest such decline in two months, and traded in a thin range of 82.3400 to 82.7950.

The rupee traded in a 82.5750 to 82.8975 band this week, and ended at 82.83.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Featured Video Of The Day

RBI Proposes Allowing All Inbound Travellers to Use UPI for Merchant Payments in India



Source link

Muhammad Umarhttp://360news.online
Muhammad Umar Blogger and Writer at 360news.online. He had a great grip on south Asia Political and current affair Issues..

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
3,745FollowersFollow
0SubscribersSubscribe
- Advertisement -spot_img

Latest Articles