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India forex reserves fall to near two-year low

·1 min read
A money lender counts Indian rupee currency notes at his shop in Ahmedabad

MUMBAI (Reuters) - India's foreign exchange reserves fell for a seventh straight week, dropping to $545.652 billion in the week to Sept 16, its lowest level since Oct. 2, 2020, Reserve Bank of India's weekly statistical supplement showed on Friday.

Reserves stood at $550.871 billion at the end of the previous week.

Though the fall in reserves is partly due to valuation changes, analysts believe a large part of the fall has been on account of the Reserve Bank of India's intervention in the currency market to prevent the rupee from depreciating more sharply against dollar.

The rupee steadied by the close of trading on Friday after a turbulent week, tumbling past 81 per dollar to touch a record low earlier in the session, prompting RBI to intervene. [INR/]

(Reporting by Swati Bhat; Editing by Dhanya Ann Thoppil)