India’s foreign exchange (forex) reserves experienced another decline, dropping by $1.888 billion to $623.983 billion during the week ending January 17, according to the Reserve Bank of India (RBI) in its weekly supplement.
This marks the seventh consecutive week of falling reserves, following a significant drop of $8.714 billion the previous week, which was one of the largest reductions seen in recent months.
The latest data from the RBI reveals that foreign currency assets decreased by $2.878 billion, settling at $533.133 billion. In contrast, gold reserves saw a modest increase of $1.063 billion, rising to $68.947 billion.
The ongoing decline in reserves has been attributed to revaluation effects and the RBI’s intervention in the forex market aimed at stabilizing the Indian rupee amid heightened volatility. India’s forex reserves had reached a record high of $704.885 billion in September, before the recent downward trend began.
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