Usa India city Mumbai crisis Usa India city Mumbai

Forex reserves fall by $12 bn, the most since 2008 global financial crisis

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Mumbai: The country's foreign exchange reserves fell by a whopping USD 11.98 billion to USD 469.909 billion in the week to March 20 as the Reserve Bank continued to supply dollars into the market to stem fall in the rupee.

The rupee hit an all-time low of 76.15 against the US dollar on March 23 as foreign investors continued to withdraw money from domestic equity and debt market amid uncertainties due to the fast-spreading coronavirus.

In the previous week, the country's foreign exchange reserves fell by USD 5.346 billion to USD 481.89 billion. This was the first decline in the country's reserves in almost six months.

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