India’s forex reserves fall for second straight week – Times of India

Date:



MUMBAI: India’s foreign exchange reserves fell for a second consecutive week and stood at a one-month low of $589.14 billion as of May 26, the Reserve Bank of India’s (RBI) data showed on Friday.
That was a decrease of $4.34 billion from the previous week.
Reserves had fallen by $6.05 billion in the week ended May 19, the biggest fall in more than three months.
The central bank intervenes in the spot and forwards markets to prevent runaway moves in the rupee.
The changes in foreign currency assets, expressed in dollar terms, include the effects of appreciation or depreciation of other currencies held in the RBI’s reserves.
Foreign exchange reserves include India’s Reserve Tranche position in the International Monetary Fund.
The rupee rose 0.1% in the week ended May 26, having traded in a range of 82.5575 to 82.8500.
The rupee ended at 82.3050 on Friday to record its best week in five.





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Pence will not face charges in classified documents probe

Pence will not face charges in classified documents...

Pakistan’s Usama Mir impresses fans with all-round performance in T20 Blast

WORCESTER: Pakistan's leg spin all-rounder Usama Mir says...