Forex reserves fell to $524.52 billion to prevent the rupee from falling

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Mumbai: As a result of the Reserve Bank of India's intervention in the money market to prevent the rupee from falling against the dollar, the forex reserves of the country are continuously decreasing. In the week ended October 21, the country's forex reserves further decreased by $3.85 billion to reach $524.52 billion.

The RBI is being forced to sell dollars to prevent the rupee from depreciating. It is seen from the Reserve Bank data that the reserves have decreased by 118 billion dollars from the all-time high level of 642.45 billion dollars in September last year. Forex reserves have declined in 11 of the last 12 weeks.

The week of October 7 saw an increase in overall forex reserves as gold reserves rose. The rupee has depreciated by more than ten percent against the dollar in the current year, at one point falling below Rs 83 per dollar, hitting an all-time low.

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