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India’s Forex Reserves Fall to Lowest in More Than 23 Months

  • Reserves fell $7.94b in a week as rupee hit a record low
  • Forex stockpile is falling as RBI intervenes to stem loss
The Reserve Bank of India’s regional headquarters in New Delhi.

The Reserve Bank of India’s regional headquarters in New Delhi.

Photographer: T. Narayan/Bloomberg

India’s foreign exchange reserves fell to their lowest in over 23 months on likely dollar sales by the country’s central bank to stem the fall in the local currency.

The reserves fell $7.94 billion to $553.1 billion as of September 2, data released by the Reserve Bank of India showed Friday. The reading is the lowest since October 9, 2020.