India's forex reserves fall nearly $60bn as RBI supports rupee
Business
India's foreign exchange reserves have dropped by nearly $60 billion in just six weeks as the RBI steps in to support the rupee.
Reserves fell from $785.706 billion on September 4 to $726.027 billion on October 9, a sign of how tough it's getting to keep the currency stable with global pressures piling up.
India's foreign currency assets lose $50bn
Foreign currency assets, a major chunk of those reserves, slid by more than $50 billion during this period, wiping out a good part of what was built up earlier this year.
Meanwhile, foreign portfolio investors have pulled $26.8 billion out of Indian markets so far this year.
All this puts extra pressure on the RBI to keep things steady and protect India's financial health right now.