Correct Answer : Option (D) - India
India’s foreign exchange reserves dropped $7.5 billion to $572.7 billion during the week ended 15th July 2022, the latest data released by the Reserve Bank of India (RBI) showed. The reserves are now at 20-month low, lowest since November 6, 2020, when they were at $568 billion.
The decline in foreign exchange reserves during the week is mainly due to foreign currency assets that were down $6.5 billion, the data showed.
Reserves have fallen about $60 billion in 2022, which was mainly due to aggressive intervention by the central bank to curb the sharp volatility in the foreign exchange market. The rupee has come under pressure since the war broke out in Europe in late February. The Indian unit has depreciated around 7 per cent against the dollar in 2022..Source : Business Standard
Published On : July 25, 2022
Category : Business and Economics