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Forex reserves decline by $4.1 billion
The Business Guardian
|January 06, 2025
India's foreign exchange reserves continue to decline, extending their downhill journey for three months now.
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In the week that ended December 27, the country's foreign exchange kitty declined by $4.112 billion to $640.279 billion, data from the Reserve Bank of India (RBI) showed.
India's forex reserves have slumped for twelve of the past 13 weeks, hitting a fresh multi-month low.
The reserves had been falling ever since they touched an all-time high of $704.89 billion in September. Effectively, they are now about 10 percent lower from the peak.
The reserves have been declining, likely due to RBI intervention, aimed at aggressively preventing a sharp depreciation of the Rupee.
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