RBI Dollar Sales Cut India’s Reserves by Nearly $60 Billion
India’s foreign exchange reserves fell over six weeks as the central bank sold dollars to support the rupee, according to The Economic Times.
Key takeaways
- India’s reserves fell by roughly $60 billion over six weeks.
- The RBI’s reserves stood at $726.027 billion on October 9.
India’s foreign exchange reserves fell by roughly $60 billion over six weeks as the Reserve Bank of India sold dollars to support the rupee, The Economic Times reported. Reserves stood at $726.027 billion on October 9, down from a record $785.706 billion on September 4.
The reserves declined by $8.578 billion in the week to October 9, according to the RBI’s weekly data. Foreign currency assets, the largest component, fell by $7.142 billion that week to $597.605 billion.
The report attributed the decline largely to RBI dollar sales through public sector banks. It cited higher crude oil prices, rising US yields and foreign capital outflows as pressures on the rupee.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
