: Indias forex reserves dip bln amid depreciating rupee #IndiaNEWS #Business New Delhi , July 9 (ANI) Indias foreign exchange reserves declined by billion to 8.314 billion during the week

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Indias forex reserves dip bln amid depreciating rupee #IndiaNEWS #Business
New Delhi [India], July 9 (ANI) Indias foreign exchange reserves declined by billion to 8.314 billion during the week that ended on July 1, the Reserve Bank of Indias weekly data showed.
In the preceding week, the reserves had risen by .734 billion to 3.323 billion after a three consecutive week of fall.
According to the RBIs data, Indias foreign currency assets, which are the biggest component of the forex reserves, declined by .47 billion to 4.745 billion during the latest week.
Further, gold reserves fell by 4 million to .422 billion, special drawing rights fell by million to .133 billion, while the countrys reserve position with the International Monetary Fund rose by million to .01 billion.
The countrys forex reserves had dropped for four out of fifth straight weeks, on account of RBIs likely intervention in the market to defend the depreciating rupee, which is persistently at an all-time low.
Typically, the RBI intervenes in the market through liquidity management, including through the selling of dollars, with a view to preventing a steep depreciation in the rupee. (ANI)
Source: ANI

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