# India’s foreign exchange reserves drop by $3.85 billion, lowest since July 2020

> 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.

- Date: 2022-10-28 · published 2022-10-28T12:00:00.000Z
- Category: report · region India · magnitude low
- Page: https://feedsoft.ai/events/39420-india-s-foreign-exchange-reserves-drop-by-3-85-billion-lowest-since-july-2020
- Commodities: [Indian Rupee (INR per USD)](https://feedsoft.ai/c/USDINR.md)

## Why it matters

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.

## Read by commodity

- USDINR: bullish ▲

## Sources

- theprint.in: https://theprint.in/economy/indias-foreign-exchange-reserves-drop-by-3-85-billion-lowest-since-july-2020/1185877/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.