India’s foreign exchange reserves ended at a two year low at USD 524.52 billion. It dipped by USD 3.8 billion in the week that ended October 21, data released by Reserve Bank of India (RBI) revealed.
This is the lowest level at which foreign exchange reserves have fallen since July 2020.
The slide has occurred mainly due to a fall in RBI's foreign currency assets, which fell to USD 465.08 billion in the week
that ended on October 21.
Foreign exchange reserves have fallen by more than USD 100 billion since Russia invaded Ukraine in February this year.
Last month, RBI Governor Shaktikanta Das had said that 67 per cent of the fall in reserves during the current fiscal was due to revaluation in the face of a stronger dollar.
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