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India's FX reserves dip for seventh straight week to hit over two-month low
MUMBAI: India’s FX reserves fell to a more than two-month low of $719.75 billion as of the week ended October 23, marking their seventh straight week of declines and reflecting the central bank’s absorption of oil-linked dollar demand and market interventions. Week-on-week, the reserves were down by $1.27 billion, driven by a fall in the value of the Reserve Bank of India’s gold holdings, which stood at $103.1 billion, down $2.6 billion week-on-week. The value of the RBI’s foreign currency assets, meanwhile, rose by $1.3 billion week-on-week to $593.2 billion. Earlier in October, the central b...
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