Sentinel Digital Desk
India’s forex reserves fell by USD 8.478 billion, reaching USD 644.391 billion for the week ending December 20, according to the Reserve Bank of India (RBI). This marks a significant drop from the previous week’s USD 652.869 billion.
The reserves have been on a downward trend for several weeks. The decline is attributed to the RBI’s forex market interventions aimed at reducing rupee volatility, along with revaluation of foreign assets.
Forex reserves had reached an all-time high of USD 704.885 billion in September but have since declined steadily. This reflects changing market conditions and the RBI’s active measures to stabilize the rupee.