IANS | 28 Oct, 2022
Foreign exchange reserves fell $3.8 billion to a two-year-low of $524.52
billion in the week ended October 21, data released by Reserve Bank of
India (RBI) on Friday revealed.
This is the lowest level at which foreign exchange reserves have fallen since July 2020.
The
slide has occurred mainly due to a fall in RBI's foreign currency
assets, which fell to $465.08 billion in the week ended October 21.
Foreign exchange reserves have fell by more than $100 billion since Russia invaded Ukraine in February this year.
On February 25, the day Russia invaded Ukraine, forex reserves were at $631.53 billion.
Last
month, RBI Governor Shaktikanta Das had said that 67 per cent of the
fall in reserves during the current fiscal was due to revaluation in the
face of a stronger dollar.
