Forex reserves fall for 5th straight week to $682bn

MUMBAI:

India’s foreign exchange reserves

fell for the fifth consecutive week, dropping by $2.7 billion to $682.1 billion as of Nov 1, suggesting RBI intervention to counter rupee weakness. The rupee hit a record low of 84.38 against the dollar, with RBI focused on limiting the size of moves in both directions rather than targeting a particular level. The currency has come under pressure amid heavy foreign investor stock selloffs, driven by concerns over high valuations and a potential economic slowdown.