India’s forex kitty goes up, reverses 5-week fall ...Middle East

Mumbai: India’s forex reserves increased by $1.15 billion to $585.895 billion for the week ended October 13, reversing a continuous decline over the preceding five weeks, RBI data released on Friday showed. This comes as a welcome development as a stronger forex kitty gives the RBI more headroom to support the rupee by releasing more dollars in the market. This comes necessary, especially at a time when oil prices shoot up in the global market and the demand for dollars suddenly goes up to finance crude imports. The country’s foreign exchange reserves had fallen by $2.166 billion toa five-month low of $584.74 billion for the week ended October 6, according RBI data released last week. The

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Last updated : 20 October 2023 clock 05:25 PM

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India’s forex kitty goes up, reverses 5-week fall ...Middle East

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