Mumbai: The foreign exchange reserves of the country have touched an all-time low. The weekly statistical supplement released by the Reserve Bank of India (RBI) has revealed this. The forex reserves dip below $ 600 billion for the first time in a year.
As per the data released by the RBI, the forex reserves fell by $ 2.695 billion to $ 597.728 billion in the week ended on April 29. This is eighth straight week of declines for the forex reserves. The forex reserves r fell below the $ 600-billion-mark earlier on May 28, 2021.
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The sustained foreign fund outflows, Russia-Ukraine war and Indian rupee’s weakness driven by the US dollar’s broad surge in recent months are the main reason for the fall. India’s forex reserves have declined nearly $34 billion, or about 5.4%, since Russia invaded Ukraine on February 24.
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