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Foreign exchange reserves fall again rupee sharply lower against dollar details here – Business News India

Efforts by the Reserve Bank of India to stop the fall of the rupee, and its impact is visible on the foreign exchange reserves of the country. According to the latest data of the Reserve Bank, foreign exchange reserves have fallen again. Meanwhile, speaking of the rupee, on Friday it closed at 79.90 rupees, down 5 against the US currency.

How was the movement of the rupee: The Indian rupee opened weak and closed at 79.90 to the dollar with a drop of five pennies against the previous close at the end of trading. During trading, the rupee rose to an intraday high of 79.86 and a low of 79.92.

Status of foreign exchange reserves: According to the data of the Reserve Bank of India, foreign exchange reserves fell by $7.541 billion to $572.712 billion for the week ended July 15. In the previous week, foreign exchange reserves decreased by $8.062 billion to $580.252 billion. The value of gold reserves also fell by $83 million to $38.356 billion.

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Reasons for depreciation in rupees: The dollar’s strength in foreign markets affected the investment sentiment of investors. However, a rally in the local stock markets restrained the rupee’s decline. Analysts said a rally in local markets, FII investments and lower crude oil prices supported the rupee. However, the dollar’s strength limited the upside.

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