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India's Foreign Exchange Reserves Fall Below $400 Bln For 1st Time In 4 Weeks

Friday,   12-Oct-2018   05:23 PM (IST)

India's foreign exchange reserves fell below the $400 billion mark for the first time in four weeks, falling to $399.61 billion as of the week ended Oct. 5, against last week’s $400.50 billion, according to central bank data released today.Today’s decrease was due to a fall in foreign currency assets to $375.23 billion, according to central bank data.The reserves had hit a record-high of $426.08 billion in week ended Apr. 13. The Reserve Bank of India has been intervening in the foreign exchange market to curb the rupee’s volatility. It has sold a net $8.61 billion from the spot foreign exchange market in January-August, compared with a net purchase of $19.36 billion in the same period of 2017.