INSUBCONTINENT EXCLUSIVE:
assets, which fell $1.3 billion to $507.69 billion in the previous week, the data showed.
In the week ended February 3, the rupee shed
0.4 per cent to the dollar, ending at 81.84 per dollar.
According to analysts, the fall in reserves last week was likely owing to dollar
sales by the RBI as it stemmed volatility in the rupee following the Adani crisis
Shares of the Adani group plunged following allegations of malpractice by US-based research firm Hindenburg.
With the stock slide
culminating in the Adani group calling off its follow-on public offer, foreign portfolio investors were said to have sold Indian
a decline of $100 billion in its reserves from February to September of 2022, the RBI has over the last three months been replenishing its
foreign exchange reserves.
From June to October of 2022, the RBI was a net seller of US dollars in the currency market as the central bank
Reserve
The foreign exchange reserves increased by $28.9 billion since September-end to $561.6 billion as on January 6, covering over nine
months of imports projected for 2022-23, the RBI staff said in January
In November 2022, the central bank net bought dollars for the first time since May 2022.
