India's Foreign Exchange Reserves Fall For Second Week
Friday,
24-Sep-2021
05:14 PM (IST)
India's foreign exchange reserves fell for a second consecutive week to $639.64 billion as on Sep. 17 from $641.11 billion in the previous week, the Reserve Bank of India said. The reserves dropped by $1.5 billion last week, the most since Aug. 20. Foreign currency assets declined to $577.99 billion from $578.88 billion in the prior week, while gold assets dropped marginally to $37.10 billion from $37.67 billion. India's central bank intervenes in the foreign exchange market to curb the rupee’s volatility. It bought net $31.83 billion in the spot foreign exchange market during January-July after purchasing a net $87.74 billion in 2020.
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