The Foreign exchange reserves were down for a seventh continuous week, dropping to $545.652 billion on September 16, the Reserve Bank of India (RBI) said. The foreign exchange reserves stood at $550.871 billion at the end of the last week, down $5.2 billion. On September 16, the foreign currency assets stood at $484.901 billion, gold reserves at $38.186 billion and special drawing rights at $17.686 billion.

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On September 23, India’s foreign exchange reserves dropped to $545.652 billion by September 16, its lowest level since October 2, 2020, the Reserve Bank of India said on Friday. The foreign exchange reserve has been down as the central bank defends the rupee having pressure caused majorly by global equipment development. The reserve has declined by $2.23 billion to $550.87 billion in the last week of the month.