India's forex reserves drop $4.5 billion, still hovers around record high

India's foreign exchange reserves declined by USD 4.472 billion in the week that ended 21 November to USD 688.104 billion, driven by a slump in both foreign currency assets and gold reserves, the Reserve Bank of India's latest 'Weekly Statistical Supplement' data showed.

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Over the past few weeks, the forex kitty has been largely in a downtrend, except for a few.

Still, the country's foreign exchange (forex) kitty is hovering close to its all-time high of USD 704.89 billion, reached in September 2024.

For the reported week (that ended 21 November), India's foreign currency assets (FCA), the largest component of foreign exchange reserves, stood at USD 560.600 billion, down USD 1.690 billion.