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Forex reserves fall by $7.5 billion to 20-month low – Times of India

MUMBAI: Foreign change reserves fell by $7. 5 billion to $572 billion throughout the week ended July 15, in accordance to knowledge launched by the RBI. Reserves fell to a 20-month low following heavy intervention by the central financial institution within the foreign exchange market because it offered {dollars} to stop a pointy depreciation of the rupee.
The foreign exchange reserves had been final at $572 billion in November 2020. Since then, they’d risen to a excessive of $642 billion in October 2021. The RBI is believed to have offered over $50 billion to stem the volatility within the overseas change market.
In the interbank overseas change market, the rupee closed 10 paise stronger at 79. 85 as in opposition to Thursday’s shut of 79. 95. The rupee firmed up whilst overseas institutional buyers had been web sellers within the fairness market on Friday.
The greenback index, which measures the buck’s energy in opposition to a basket of six currencies, was up 0. 2% at 107. 1. Former chief statistician of India Pronab Sen stated “it is more of a story of the dollar strengthening than the rupee weakening”.

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