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India Foreign Exchange Reserves Fall For Ninth Straight Week To One-Year Low

Friday,   13-May-2022   05:28 PM (IST)

India's foreign exchange reserves fell for the ninth  consecutive week to hit the lowest level in a year. The reserves declined to $595.95 billion as on May 6, the lowest since week ended May 21, 2021 and down from $597.73 billion in the previous week, the Reserve Bank of India said. Foreign currency assets dropped to $530.86 billion from $532.82 billion in the prior week, while gold assets rose to $41.74 billion from $41.60 billion. India's central bank intervenes in the foreign exchange market to keep a lid on the rupee’s volatility. The RBI net bought $771 million in the spot foreign exchange market in February. It had bought a net of $33.35 billion in 2021, after net purchase of $87.74 billion in 2020.