BUSINESSTimes of India Business · 11 hours agoLive
At $43 billion, RBI’s net dollar purchase hits new high
Reported by Times of India Business, not nibnow. We are not the publisher of this story, only the source is.
WHY IT MATTERS
The drop in India’s foreign exchange reserves signals continued pressure on the rupee, which can affect import costs and investor confidence.
WHAT HAPPENED
India’s foreign exchange reserves fell by $5.01 billion to $721.02 billion in the week ended Oct 16, down $64.7 billion from their all-time high of $785.71 billion in the week ended Sept 4, as pressure on the rupee continued. Foreign currency assets, the largest component of reserves, declined by $5.76 billion during the latest week. The fall was partly offset by a $706 million increase in the value of gold reserves.
WHAT TO WATCH
- •Future RBI actions to support the rupee
- •Trends in weekly foreign exchange reserve levels
- •Movements in the rupee’s exchange rate against major currencies
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