India’s Reserves Steepest Weekly Fall Ever Of $12 bn To $606.425 bn
The country’s foreign reserves fell by $11.173 billion to $606.475 billion, falling for the fourth week in a row and the steepest weekly drop on record as the rupee fell in value. As the rupee fell in value, forex reserves fell by nearly $12 billion for the fourth week in a row, the steepest weekly drop on record.
In the last four weeks, India’s reserves have fallen by nearly $27 billion.
According to the latest Reserve Bank of India data, the currency has taken a hit due to fears of widening external deficits as a result of the Ukraine war and a rising dollar, which has been boosted by the US Federal Reserve’s aggressive stance on monetary policy tightening.
The country’s forex reserves have fallen for the fourth week in a row. The reserves fell by $2.03 billion to $617.648 billion in the previous week, according to the RBI’s weekly statistical supplement, which ended on March 25.
The most recent record steepest week after week drop for possible later use was because of a drop in center cash resources, which fell by $10.727 billion to $539.727 billion, suggesting that the RBI mediated in the open market to safeguard the rupee.
#edgeforex #forextrading #forexsignals #trading #reserves #india
#reserves #forex #steepest #rbu #interest #cryptocurrency #bitcoin
Comments
Post a Comment