India's Foreign Exchange Reserves Fall USD40B in 4 Weeks

(MENAFN) India's foreign exchange reserves tumbled by $10.288 billion in a single week to $688.058 billion, marking a fourth consecutive weekly decline that has wiped more than $40 billion from the country's reserves in less than a month, the nation's central bank disclosed Friday.

The Reserve Bank of India (RBI) reported the drop in its weekly bulletin, covering the period ended March 27. The sustained four-week slide represents one of the most significant short-term drawdowns in the country's reserve holdings in recent memory.

A breakdown of the data showed that foreign currency assets — the largest component of India's reserves — declined by $6.622 billion, settling at $551.072 billion. Gold reserves fell by $3.666 billion to $113.521 billion over the same period.

The RBI did not offer an official explanation for the decline in Friday's bulletin. Analysts have pointed to potential intervention by the central bank in currency markets to defend the rupee, alongside broader global pressures on emerging market assets, as likely contributing factors.

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