India's forex reserves pass four-month low with sharpest weekly drop on record

Decline in foreign currency brought by Reserve Bank of India's market intervention

20241122 Reserve Bank of India

An economist says the Reserve Bank of India may have net sold dollars worth $7.2 billion in the week of Nov. 15. © Reuters

MUMBAI (Reuters) -- India's foreign exchange reserves logged their sharpest weekly fall on record to a more-than-four-month low last week, as the dollar strengthened following the U.S. election verdict, and the central bank sold from its reserves to limit the rupee's decline.

The reserves fell by $17.8 billion in the week of Nov. 15 -- the most since available data starting in 1998 -- to $657.89 billion, data from the Reserve Bank of India (RBI) showed on Friday.

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