Forex reserves fall sharply by $3.433 billion to $351.92 billion
Highlights:
- India's foreign exchange reserves (FER) fell by a whopping $3.4 billion in a single week ending August 28.
- It happened due to Reserve Bank of India's dollar sale and the change in valuation of euro, pound and yen against the dollar
- Reserve Bank of India was seen selling dollars to prevent the rupee from depreciating freely.
- Forex reserves now stands at $351.9 billion, the latest data showed.
- Foreign currency assets, which accounts for 93% of reserves, fell by $3.4 billion to $328.3 billion in the reporting week. Foreign currency assets, also reflect the effect of appreciation and depreciation of non-US currencies such as the euro, pound and the yen, held in the reserves.
- The country's current level of reserves is enough to pay for nine months of imports.
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