INDIA'S FOREX RESERVES HIT TWO-MONTH LOW
India's foreign exchange reserves have experienced a decline for the second consecutive week, reaching a two-month low of $616.10 billion as of February 16, according to data from the Reserve Bank of India (RBI) released on Friday.
The reserves decreased by $1.13 billion, following a $5.3 billion drop in the previous week. The RBI typically intervenes in the foreign exchange market to mitigate excessive volatility in the value of the rupee. Fluctuations in foreign currency assets are influenced by the RBI's intervention activities and changes in the value of foreign assets held within the reserves. Additionally, the foreign exchange reserves encompass reserve tranche positions in the International Monetary Fund (IMF). Throughout the week under review, the rupee exhibited minimal movement against the dollar, trading within a narrow range of 82.9725 to 83.1150.
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