• Friday, August 19, 2022

Business

India’s Forex Reserves Move Below $400 Billion Mark for First Time in 2018

By: Radhakrishna N S

India’s foreign exchange reserve fell by $819.5 million to $399.282 billion for the week to September 7 falling below the $ 400bn mark for the first time in over 12 months, according to the data released by India’s central bank, Reserve Bank of India (RBI) on Friday (14). This is the second straight week of a significant decline in the reserves which showcase that central bank has been selling US currency to fight against depreciation of rupee which moved up 73 mark this week to close at 71.84 against the dollar on Friday (14). The total reserves fell by $1.191bn…

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