INR - India's FX reserves hit more than two-year low amid rupee slump

• India's foreign exchange reserves fell to the lowest level since July 2020, standing at $532.7B in the week through September 30, according to the Reserve Bank of India's weekly statistical supplement released Friday.
• That's the ninth straight week of declines as the country's currency keeps falling against the U.S. dollar.
• The rupee fell 0.7% against the greenback in late Friday morning trading, changing hands at 82.61.
• Related tickers: iShares MSCI India ( BATS: INDA ), India Fund ( NYSE: IFN ), VanEck Vectors- Indian Rupee/USD ( INR ).
• The move comes as global international reserves drop from a year ago as central banks dip into reserves to prop up their currencies amid a stronger dollar.
• Previously, (Sep. 22) Japan intervenes to boost yen for first time in more than 20 years .

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