MUMBAI, Sept 29 (Reuters) – India’s foreign exchange reserves (INFXR=ECI) fell for the third consecutive week and was at a four-month low of $590.7 billion as of September 22, data from the Reserve Bank of India (RBI) showed on Friday.
That was a decrease of $2.3 billion from the previous week. Reserves had fallen by a total of $5.9 billion in the previous two weeks.
The central bank intervenes in the spot and forward markets to prevent uncontrolled movements of the rupee.
During the last few trading sessions, the RBI has been likely selling dollars through public sector banks to prevent the rupee from falling to a record low against the dollar, traders said.
Apart from central bank intervention, changes in foreign currency assets, expressed in dollars, include the effects of appreciation or depreciation of other currencies held in RBI reserves.
Foreign exchange reserves include India’s Reserve Tranche position in the International Monetary Fund.
During the week to which the foreign exchange reserves data pertains, the rupee rose 0.2% against the dollar and traded in a range of 82.8225 and 83.2725.
The rupee closed at 83.04 on Friday, down 0.1% for the week.
FOREIGN EXCHANGE RESERVES (in millions of US dollars)
Source text: (https://bit.ly/3PVt2Rv)
Reporting by Siddhi Nayak; editing by Eileen Soreng
Our standards: The Thomson Reuters Trust Principles.
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