Currency dealers are attributing the fall in foreign exchange reserves to Reserve Bank of India’s dollar sales. Photo: BloombergMumbai: India’s foreign exchange (forex) reserves on Friday recorded a weekly fall for the fourth time in a row at a time when rupee has been under pressure against the dollar. The Reserve Bank of India (RBI) data showed forex reserves fell $1.2 billion on-week to $417.7 billion as on 11 May. Forex reserves have been falling after reaching an all-time high of $426 billion on 13 April 2018. “RBI’s intervention in the forex market to curb further depreciation in the rupee has led to a fall in forex reserves.

Source: Mint May 18, 2018 14:15 UTC