look news india
Mumbai: As a result of continuous selling from Indian stock markets by foreign institutional investors, foreign portfolio investors (FPIs) and continuous depreciation of the rupee against the US dollar, the Reserve Bank of India (RBI) started selling in large quantities. Rupee will get support from US dollar on December 13, 2024. India’s foreign exchange reserves have also seen a continuous decline in the last week.
Reserve Bank of India data showed that foreign exchange reserves fell by $2 billion in the week to a near six-month low of $652.87 billion.
Let us tell you here that the foreign exchange reserves have decreased by $ 3.2 billion in the week ending December 6, 2024. India’s foreign exchange reserves, which stood at a record high of $704.89 billion on September 27, 2024, have declined by $52 billion so far.
The Reserve Bank of India has continuously intervened in the foreign exchange market in recent times and has been selling dollars from the reserves and this has also led to a reduction in the reserves.
The Indian rupee fell to an all-time low of 84.88 against the US dollar last week amid pressure from a weak yuan and a strong dollar in the futures market. It was reported that the Reserve Bank of India intervened and sold dollars in the market after the rupee hit a new low of 85.11 against the dollar on Friday, December 20, 2024 this week.