MUMBAI: Foreign exchange (forex) reserves dipped $1.9 billion during the week ended August 29, as value of gold in reserves fell sharply and also the central bank sold dollars to hold the value of the rupee.
According to the latest data released by the Reserve Bank of India (RBI) in its weekly statistical supplement, total forex reserves, including gold and SDR dipped $1,977 million to touch $295.3 billion as on August 29. Much of the dip in reserves during the week has been on account of a fall in the value of gold reserves by $1,043 million. Read More