India’s forex reserves dropped by $4.9 billion, and reserves declined for the country for a ninth consecutive week. They were $537.52 billion at the end of the previous week.

The fall in the foreign exchange reserves can be attributed to a fall in the Foreign Currency Assets (FCA), which is a major component of the overall reserves, according to the Weekly Statistical Supplement released by RBI. Foreign currency assets fell $4.41 billion to $472.81 billion for the same period.

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On Friday, India’s foreign exchange reserves fell to $532.66 on September 30, the lowest level since July 2020, as the Reserve Bank of India’s (RBI) weekly statistical supplement.

At the end of last week, the reserves of India were $537.52 billion. On October 7, the rupee breached the key 82 per dollar level, having weakened for four straight weeks, with traders saying the RBI had likely intervened occasionally over the period to arrest the pace of the currency’s fall.