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Informist, Friday, Jan. 3, 2025

 

MUMBAI – India's foreign exchange reserves fell to an over-eight-month low of $640.28 billion in the week ended Dec. 27, according to the latest data released by the Reserve Bank of India on Friday. Foreign exchange reserves fell $4.11 billion in the previous week. Along with valuation losses, market participants cited the fall in reserves to the RBI's intervention in the currency market during the week.

 

During the week ended Dec. 27, the rupee fell nearly 41 paise, and hit a record low of 85.8075 a dollar on Friday. The same day, the rupee hit a record low and the central bank intervened in the foreign exchange market by selling the greenback aggressively around 85.75-85.80 a dollar, as per market participants. However, broadly, the RBI has reduced the intensity of its intervention in the currency market, on account of continuously falling reserves, market participants said.

 

In the week for which the data was released, the yield on the benchmark 10-year US Treasury note rose and was near an eight-month high of 4.62% on Dec. 27. Yields and prices move in the opposite direction. Further, foreign currency assets with the RBI fell $4.1 billion in the week ended Dec. 27 to $640.28 billion.  End

 

US$1 = INR 85.7700

 

Reported by Sourabh Kumar

Edited by Deepshikha Bhardwaj

 

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