Explained: Why India’s forex reserves fell by nearly $10 billion, highest in 2 years - The Indian Express

Brent crude prices soared to a near 14-year high of $140 as the Russia-Ukraine war intensified. As India imports nearly 80 per cent of its domestic requirements, high crude oil prices would have led to a steep rise in dollar requirement as well.

Indias foreign exchange reserves fell by $9.64 billion to $622.275 billion during the week ending March 11, 2022, as the rupee depreciated against the US dollar amid the rise in crude oil prices and … [+2908 chars]

full article...