India Forex Reserve: Foreign exchange reserves fell to a two-year low with a decrease of $ 5.22 billion

India Forex Reserve: The country’s foreign exchange reserves continue to decline. The foreign exchange fund has declined for the seventh consecutive week. According to the data released by the RBI, India’s foreign exchange reserves have fallen by $ 5.22 billion to $ 545.652 billion in the week ended 16 September 2022. Whereas earlier it was $ 550.87 billion in the week ending September 9. Foreign exchange reserves are at their lowest level after October 2, 2020.

Foreign exchange reserves are falling continuously
This reduction in the foreign exchange fund has come due to the selling of foreign investors and the sale of dollars by the RBI to stop the fall in the rupee against the dollar. On Friday, the rupee had fallen to its all-time low of 81.20 against the dollar, which has closed at the level of 80.99. The dollar has strengthened against all currencies. At the same time, due to increasing demand for dollars by importers, there is also a shortage of dollars.

For the past seven weeks, there has been a decline in the foreign exchange reserves. Foreign exchange reserves have continued to decline since Russia’s attack on Ukraine in late February. Foreign exchange reserves stood at $607 billion at the end of March.

Currency market experts believe that the trend of decline in foreign exchange reserves may continue. In the coming days, it can come down to $ 510 billion.

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