MUMBAI: India’s overseas change reserves fell for the primary time in eight weeks to $643.2 billion as of April 12 from 648.6 billion – a drop of $5.4 billion.
That is the steepest fall over three months, after rising $32.5 billion within the earlier seven weeks. The decline comes after the RBI offered {dollars} within the overseas change market when the rupee got here beneath stress attributable to geopolitical tensions in West Asia, coupled with indications that rates of interest within the US could stay greater for longer.
Modifications in overseas foreign money property end result from the RBI’s intervention and fluctuations within the worth of overseas property. The home foreign money, which had weakened to 83.54, closed at 83.47 on Friday. Throughout the reported week, the rupee depreciated by 0.1% towards the greenback.


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