India's Foreign Exchange Reserves Record Biggest Fall In 14 Weeks
Friday,
03-Dec-2021
05:19 PM (IST)
India's foreign exchange reserves recorded their biggest decline in 14 weeks and fell to $637.69 billion as on Nov. 26 from $640.40 billion in the previous week, the Reserve Bank of India said. The reserves fell by $2.71 billion, the biggest decline since week ended Aug. 20. Foreign currency assets decreased to $574.66 billion from $575.71 billion in the prior week, while gold assets dipped to $38.83 billion from $40.39 billion. India's central bank intervenes in the foreign exchange market to keep a lid on rupee’s volatility. It bought net $36.37 billion in the spot foreign exchange market during January-September after purchasing a net $87.74 billion in 2020.
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