Synopsis India's foreign exchange reserves saw a significant drop. Reserves fell by $7.05 billion to $709.76 billion in the week ending March 13. This follows a previous decline of $11.68 billion. The Reserve Bank of India intervened heavily in currency markets. The central bank sold dollars to support the rupee. Global oil prices and the Iran conflict contributed to this pressure.
India's Foreign Exchange Reserves See Significant Drop Amid Global Market Volatility
Economic Times•
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Publisher: Economic Times
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