Mumbai, October 13: India’s foreign exchange reserves fell for a fifth consecutive week to settle at a five-month low of $584.74 billion as of October 6, figures compiled by the RBI showed on Friday. The $2.17 billion decline from the previous week came on top of a close to $12 billion drop in the preceding four weeks. Rs 2000 Notes Exchange: Rs 3.43 Lakh Crore of Two Thousand Notes Have Come Back, Public Can Return Notes in RBI Offices Post October 8, Says Governor Shaktikanta Das

The RBI intervenes in the spot and forwards markets by releasing more dollars to prevent the rupee from going into a free fall when it comes under pressure due to the increased demand for dollars amid rising oil prices. RBI Imposes Rs 5.39 Crore Penalty on Paytm Payments Bank Over Non-Compliance of Guidelines Related to KYC, Cybersecurity

Any sharp decline in the country’s forex kitty also leads the RBI less headroom to intervene in the market to stabilise the rupee. The rupee ended at 83.2625 on Friday, down for a third consecutive week.

(The above story first appeared on LatestLY on Oct 13, 2023 08:04 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).