Mumbai: India’s foreign exchange (forex) reserves declined by $9.646 billion to $622.275 billion in the week ended March 11, the sharpest decline in nearly two years, as the Reserve Bank of India (RBI) heavily sold dollars to prevent the slide in the value of rupee. According to the RBI’s weekly statistical supplement, the foreign currency […]
At the interbank foreign exchange, the domestic unit opened at 74.32 against the dollar, then inched higher to 74.25, registering a gain of 13 paise over its previous close.
On the domestic equity market front, BSE Sensex was trading 40.01 points or 0.08 per cent lower at 52,442.70, while the broader NSE Nifty declined 6 points or 0.04 per cent to 15,715.50.
At the interbank forex market, the local unit opened at 73.34 against the US dollar, then inched higher to 73.33, reflecting a rise of 18 paise over its last close.
The financial year 2020-21 has been a roller-coaster ride for the rupee due to Covid-19. The pandemic-induced massive sell-off in the equity market led the rupee breach record low of 76.90.
On the other hand, India's forex reserves continued to rise, indicating, an active Reserve Bank which has kept rupee in a check, to make exports competitive.
