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The Reserve Bank of India’s (RBI’s) headline foreign exchange reserves declined by $7.9 billion to $553.11 billion in the week ended September 2, the latest central bank data showed.
The reserves are at their lowest since October 9, 2020, the RBI data showed. Analysts cited the RBI’s defence of the rupee through dollar sales amid a globally strengthening greenback as one of the reasons for the fall in reserves.
Incidentally, during the week that ended September 2, the rupee marked a fresh intraday low of 80.13 per US dollar.
The decline in the foreign exchange reserves in the week ended
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