MUMBAI (Reuters) – India’s international trade reserves fell for a seventh straight week, dropping to $545.652 billion within the week to Sept 16, its lowest stage since Oct. 2, 2020, Reserve Financial institution of India’s weekly statistical complement confirmed on Friday.
Reserves stood at $550.871 billion on the finish of the earlier week.
Although the autumn in reserves is partly resulting from valuation modifications, analysts consider a big a part of the autumn has been on account of the Reserve Financial institution of India’s intervention within the forex market to forestall the rupee from depreciating extra sharply in opposition to greenback.
The rupee steadied by the shut of buying and selling on Friday after a turbulent week, tumbling previous 81 per greenback to the touch a report low earlier within the session, prompting RBI to intervene. [INR/]
(Reporting by Swati Bhat; Enhancing by Dhanya Ann Thoppil)
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