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India's foreign exchange (forex) reserves continue to decline. The reserves have made their tenth weekly fall to $593.279 billion, as per the latest RBI data.

India's forex reserves dipped by $2.676 billion to 593.279 billion for the week ended May 13, 2022, compared to the previous week.

In the week ending May 13, foreign currency assets dived by $1.302 billion to $529.554 billion, while gold reserves slipped by $1.169 billion to $40.570 billion. Also, SDRs dipped by $165 million to 18.204 billion in the week under review.

Reserves position in the IMF stood at $18.204 billion down by $39 million in the week ending May 13.

The reserves were at an all-time high of $642.453 billion on September 3, 2021.

On Friday, the rupee ends at a record low of 77.63 against the US dollar on the back of unwavering foreign fund outflows and higher crude oil prices.

The Indian rupee today ended at 77.63 against the greenback - lower by 7 paise compared to its previous closing of 77.56. The domestic currency opened at 77.51 against the dollar and floated in the range of 77.49 to 77.63 during the day's trade at the interbank forex market.

NSDL data showed that so far in May, foreign portfolio investors have pulled out a massive 35,137 crore from the equity market. This is more than double the amount of outflow of 17,144 crore witnessed in the entire of April month.

FPIs have been net sellers in the domestic equity market since the start of this year. FPIs outflow stood at 33,303 crore in January, at 35,592 crore, and at 41,123 crore in March.

Year-to-date, FPIs have removed a whopping 1,62,299 crore from the equity market in India.

Jateen Trivedi, VP Research Analyst at LKP Securities said, "the dollar index yet holds firm near above $102. And Crude around $110 gives the rupee little strength. Rupee yet keep taking resistance on 20dma around 77.25 hence some gains can be witnessed towards 77.25 as rupee keeps testing 20dma resistance close above 77.25 will change the trend for rupee until then rupee broadly remains weak. Rupee can be seen in a range of 77.25-77.75"

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