Forex reserves drop to a near 2-year low for the seventh week in a row.

Reserve Bank of Indias foreign exchange reserves fell for the seventh week in a row . Reserves fell to $545.652 billion in the week to September 16, their lowest level since October 2, 2020 .

MUMBAI (Reuters)-India's foreign exchange reserves fell for the seventh week in a row, falling to $545.652 billion in the week to September 16, their lowest level since October 2, 2020, according to the Reserve Bank of India's weekly statistics supplement.At the end of the previous week, reserve levels stood at $550.871 billion.Though the decrease in reserves is largely due to valuation fluctuations, analysts believe that the Reserve Bank of India's intervention in the currency market contributed to the decrease in reserves, preventing the rupee from depreciating more sharply against the dollar.After a turbulent week, the rupee remained stable by the close of trading on Friday, falling past 81 per dollar and hitting a record low earlier in the session, prompting RBI to intervene.