India’s forex reserves hit two-month low

Feb23,2024



Bengaluru: India's foreign exchange reserves Fell for the second week in a row and remained at 1 two month low Of $616.10 billion as of February 16, Reserve Bank of India data (reserve Bank of India) shown on Friday.
Reserves declined by $1.13 billion in the week under review, following a decline of $5.3 billion in the previous week. The Reserve Bank of India (RBI) intervenes in the foreign exchange market to prevent additional volatility in the rupee.
Changes in foreign currency assets occur due to RBI intervention as well as appreciation or depreciation of foreign assets held in reserves. Foreign exchange reserves also include reserve positions held in the International Monetary Fund. In the related week of forex data, the rupee remained largely unchanged against the dollar and traded in a thin range of 82.9725 and 83.1150.



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