India's foreign exchange (forex) reserves declined $17.76 billion, the sharpest weekly fall, to hit a fourmonth low of $657.8 billion for the week ended November 15, according to the latest data released by the Reserve Bank of India (RBI) on Friday.
The fall was attributed to the strengthening US dollar and the central bank's dollar sales to limit volatility in the foreign exchange market.
"The RBI has been selling dollars to protect the rupee for the past three months. Apart from this, our imports have been constantly increasing, as seen from the import figures of August and October. So, dollar buying has been more than selling as exporters have also not been covering their receivables," said Anil Kumar Bhansali, head of treasury, Finrex Treasury Advisors.
Bu hikaye Business Standard dergisinin November 23, 2024 sayısından alınmıştır.
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Bu hikaye Business Standard dergisinin November 23, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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