Tag: Indian foreign exchange fall sharply

India's foreign exchange reserves fell to $553 billion. In August, India's foreign exchange reserves fell sharply. The decline comes as the Reserve Bank of India struggles to overcome the rupee's position against the strength of the dollar. This is the lowest level of India's foreign exchange reserves in the last 23 months. The data show that all components of foreign exchange reserves declined over this period. According to data released by the RBI, weekly foreign exchange reserves through September 2 stood at $553.1 billion, which is $7.94 billion less from the previous week, the lowest level since October 9, 2020. As of August 26, 2022, India's foreign exchange reserves stood at US $561.04 billion. Earlier this week, RBI Governor Shaktikanta Das said the central bank's int...