Forex Reserves Slump By $2 Billion As RBI Sells Dollars To Defend Rupee Desi123.Com Online News Portal Asia World Latest News


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India’s foreign exchange reserves slumped by over $2 billion in the week ending August 12, as the Reserve Bank of India intervened to shore up the rupee and keep the currency below 80 per dollar. That is an effort the Indian central bank has said was essential, and it would do whatever it takes to maintain the rupee’s stability, limiting any wild swings despite extremely volatile currency markets. The RBI’s weekly statistical supplement data showed that the country’s forex reserves slumped to $570.74 billion in the week ending August 12, down by $2.238 billion from $572.978 billion in the previous...