India's foreign exchange reserves declined by $7.511 billion to $681.384 billion for the week ended May 22, according to the latest data released by the Reserve Bank of India. This marks the second consecutive weekly decline and takes the country's forex reserves to their lowest level in more than a year.
The Indian rupee strengthened by 21 paise to 96.05 against the US dollar, supported by RBI intervention and easing concerns over global oil supply disruptions. Improved market sentiment, planned RBI liquidity measures, and stabilising crude oil prices helped the currency recover after recently nearing record lows against the dollar.
