India FX reserves hit two-month low
Indias foreign exchange reserves fell for the seventh straight week to 719.75 billion dollars as the central bank intervened to support the rupee. The decline was driven by lower gold valuations and ongoing market operations.
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India's FX reserves fell $1.27 billion to $719.75 billion in the week ended October 23, marking a seventh consecutive weekly decline. The drop reflects central bank interventions and oil-linked dollar demand to defend the local currency.
