Forex ends 7-week winning streak, down $3.7 bn; ₹falls below 84 level

THE country's forex reserves, which crossed the $700 billion mark to become the world's fourth largest, have halted the seven-week gaining streak to come off by $3.71 billion in the reporting week ending October 4, after having risen by a total of nearly $35 billion in the previous seven weeks.

- BENN KOCHUVEEDAN

The fall can be attributed to the constant market intervention by the RBI to stem the rupee slide, which has been under pressure for months now.

Meanwhile, the rupee plunged to record low of 84.06 on Friday, crossing the sensitive level of 84 first-time ever. During the day the unit had a lower 84.07. Yet on a weekly basis, the rupee is down only 0.3%. The week also marks the worst since May 2024 and losing 0.3% on-week as equity outflows surged and crude prices rose due to a worsening of the Middle Eastern conflict.