Forex reserves fall to 2-year low of USD 524 billion
F
oreign exchange reserves fell USD 3.8 billion to a two-year-low of USD 524.52 billion in the week ended October 21, data released by Reserve Bank of India (RBI) on Friday revealed.
This is the lowest level at which foreign exchange reserves have fallen since July 2020.
The slide has occurred mainly due to a fall in RBI's foreign currency assets, which fell to $465.08 billion in the week ended October 21.
Foreign exchange reserves have fell by more than $100 billion since Russia invaded Ukraine in February this year.
On February 25, the day Russia invaded Ukraine, forex reserves were at $631.53 billion.
Last month, RBI Governor Shaktikanta Das had said that 67 per cent of the fall in reserves during the current fiscal was due to revaluation in the face of a stronger dollar.
✔️ Forex reserves fall to 2-year low of USD 524 billion
💕 Found this article helpful? Spread the word and support us!