INSUBCONTINENT EXCLUSIVE:
latest central bank data showed
The current level of reserves is the lowest since July 24, 2020.
The fall in foreign exchange reserves was primarily on account of a
research analyst, HDFC Securities said.
In the week ended October 14, the rupee weakened a mere 0.03 per cent against the US dollar
The US dollar index, which measures the greenback against six major rival currencies, strengthened 0.5 per cent during that week.
According
Traders said the central bank had heavily sold dollars around the 82.40/$1 mark last week
In the current week, the RBI is said to have stepped up interventions in the forwards and futures segments of the currency market.
So far
in 2022, the rupee has weakened 10.1 per cent against the US dollar as the war in Ukraine and aggressive rate hikes by the Fed have dampened
The reserves were at $631.53 billion as on February 25
On September 30, RBI Governor Shaktikanta Das said 67 per cent of the fall in reserves in the current financial year was due to
revaluation.
The latest RBI data showed that it had net sold $4.2 billion in the foreign exchange market in August, following sales of $19
The RBI had net sold $3.7 billion in the market in June
In April, the RBI had net bought $1.9 billion in the currency market, followed by purchases of $2.0 billion in May.
The current level of
reserves represents an import cover of close to 9 months
The level of reserves in September 2021 accounted for almost 15 months of imports.
