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India's Foreign Exchange Reserves Fall Below $400 Bln For 1st Time In 10 Months

Friday,   14-Sep-2018   05:16 PM (IST)

India's foreign exchange reserves fell to $399.28 billion as of the week ended Sep.7, falling below the $400-billion mark for the first time since week ended Nov. 17, 2017, according to central bank data released today.FX reserves stood at $400.10 billion in the previous week. The reserves had hit a record high of $426.08 billion in week ended Apr. 13.The decrease was due to a fall in foreign currency assets to $375.10 billion from $375.99 billion in the previous week, according to central bank data.The Reserve Bank of India has been intervening in the foreign exchange market to curb the rupee’s volatility. It has sold a net $6.28 billion from the spot foreign exchange market in January-July, compared with a net purchase of $16.13 billion in the same period of 2017.