Forex kitty down $10 bn, steepest in over a year

“The reserves fell because of dollar selling during the week, which was around $7 billion, while the remaining decline of about $2.7 billion was due to revaluation losses.

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Gold prices declined 4.4 percent week-on-week. Dollar selling was because of capital outflows owing to a negative balance of payments,” Gupta said.India’s foreign exchange reserves had hit a record high of $705 billion in September 2024. During the reported week, the rupee depreciated 0.38 per cent against the US dollar, while gold prices fell 4.43 per cent.