Forex reserves plunge below $400 billion mark
This is the second consecutive week of major fall in the reserves. (File)
MUMBAI: The country’s forex reserves declined by $819.5 million to $399.282 billion for the week to September 7 — slipping below the $400-billion mark for the first time in over a year, Reserve Bank data showed Friday.
This is the second consecutive week of major fall in the reserves which indicates that the central bank has been selling the greenback to fight the fall in rupee, which had crossed the 73-mark earlier this week. The local unit closed at 71.84 Friday.
Credit: indianexpress.com