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India’s forex reserves grow to 9 bn – MSN India news and update details. I hope you will find useful information for making trading decision today.
Mumbai: India’s foreign exchange reserves (forex) grew by $ 2 billion to $ 289.39 billion for the week ended June 15, official data showed.
The forex recovered in the week ended June 8 when it grew by $ 1.52 billion to $ 287.37 billion after falling for five straight weeks.
The reserves had plunged by $ 2.40 billion to $ 285.85 billion for the week ended June 1, apparently due to the Reserve Bank of India (RBI) selling dollars to defend the rupee.
The reserves had also declined by $ 1.74 billion and $ 1.80 billion respectively in the previous two weeks of June 1.
The RBI was believed to have been selling dollars during these weeks to curb the slide in the rupee’s value which incidentally hit a new low Friday at Rs.57.12 against $ 1.
Earlier, the partially convertible rupee slumped to a record low of 56.52 against the US dollar on May 31.