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India's foreign exchange reserves fell by $3.85 billion to $524.52 billion in the week through October 21, their lowest since July 2020. The rupee hit a record low of 83.29 per dollar that week, and traders said the RBI intervened in spot and forward markets.
The rupee then ended the week 0.25% higher at 82.47.
Shrinking reserves limit the RBI's capacity to defend the rupee, which raises the risk of further currency weakness and higher dollar import costs for India. The data show the scale of intervention needed to hold the currency.
theprint.inReutersOct 28, 2022Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
