India’s forex reserves fall to over 7-month low at $402.7 billion
India’s forex reserves fall to over 7-month low at 2.7 billion
By: ENS Economic Bureau
NEW DELHI: India’s foreign exchange reserves fell to over 7-month low of $402.7 billion in the week ended August 3. Total forex reserves dipped $1.49 billion from $404.19 billion in the week ended July 27, 2018, Reserve Bank of India (RBI) data showed.
India’s forex reserves have been falling steadily over the past four months after it hit an all-time high of $426.08 billion in the week ended April 13. Experts attributed the decline to RBI intervention to stem rupee’s slide against the dollar following capital outflows from the debt market. While rupee has slipped below 69 against the dollar in recent times, on Friday it closed at 68.83 to a dollar on Friday.
Credit: indianexpress.com