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India's forex reserves fall by $19.87 billion to $607.03 billion
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foreign exchange reserves saw a dip of $19.87 billion, dragging the reserves to $607.03 for the week ending on July 21, Reserve Bank of India's data showed on Friday. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of USD 645 billion.
The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments. Typically, the RBI, from time to time, intervenes in the market through liquidity management, including through the selling of dollars, with a view to preventing a steep depreciation in the rupee.
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