Forex reserves fall to 2-year low of $524 billion

This is the lowest level at which foreign exchange reserves have fallen since July 2020.

The slide has occurred mainly due to a fall in RBI’s foreign currency assets, which fell to $465.08 billion in the week ended October 21.

Foreign exchange reserves have fell by more than $100 billion since Russia invaded Ukraine in February this year.

On February 25, the day Russia invaded Ukraine, forex reserves were at $631.53 billion.

Last month, RBI Governor Shaktikanta Das had said that 67 per cent of the fall in reserves during the current fiscal was due to revaluation in the face of a stronger dollar.

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by FreshersLIVE.Publisher : IANS-Media

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