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India’s foreign exchange reserves hit their lowest level in 2 yearsOUS News

Mumbai: India’s foreign exchange reserves fell for a seventh consecutive week, reaching $545.652 billion in the week ending September 16, data from the Reserve Bank of India showed on Friday.

In the previous week ending September 9, foreign exchange reserves stood at $550.871 billion. Reserves fell $5.22 billion to the lowest level since Oct. 2, 2020, the RBI’s weekly statistical supplement showed on Friday.

In the week ending September 16, foreign currency holdings stood at $484.901 billion, gold reserves at $38.186 billion and special drawing rights at $17.686 billion.

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Foreign exchange reserves stood at $550.871 billion at the end of the previous week.

The Indian rupee fell 41 paise to an all-time low of 81.20 against the U.S. dollar on Friday in early trade, helped by U.S. Treasury yields hitting new multi-year highs and demand for dollars from importers.

As of 09:25 IST, the local currency was trading at 81.13. The rupee had plunged 1.1% against the dollar on Thursday, closing at a record high of 80.87 to the dollar.

Experts said much of the decline was due to the Reserve Bank of India’s intervention in the currency market, although the fall in reserves was partly due to valuation changes.

Key Indian stock market indices Nifty and Sensex fell nearly 2% on Friday, eroding more than Rs 4 lakh crore in investors’ wealth amid weak global signals after the US Federal Reserve signaled an aggressive increase in interest. rate to control inflation.

The 30 S&P BSE Sensex shares fell 1020.80 points or 1.73% to 58,098.92 points against the previous day’s close at 59,119.72 points.