India's Forex Reserves Further Decline To USD623.98 Billion

2025-01-25 09:19:16

(MENAFN- The Peninsula) Xinhua

New Delhi: India's foreign exchange (forex) reserves dropped by 1.888 billion U.S. dollars to 623.983 billion dollars during the week ended on Jan. 17, the Reserve bank of India (RBI) has said in its weekly supplement.

This was the seventh consecutive week when the country's Forex reserves had fallen. In the previous week, the forex reserves had fallen by 8.714 billion dollars which was described as one of the biggest falls in recent months.

According to the RBI's latest data, foreign currency assets decreased by 2.878 billion dollars to 533.133 billion dollars, while gold reserves increased by 1.063 billion dollars to 68.947 billion dollars.

The decline in forex reserves was attributed to revaluation along with forex market interventions by the RBI to help reduce volatilities in the Indian rupee. The country's forex reserves had increased to an all-time high of 704.885 billion dollars in September.

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