India’s Forex Reserves Fall by $3.463 Billion, Reaching $684.805 Billion
- ByStartupStory | November 2, 2024
India’s foreign exchange reserves have seen a significant decline, dropping by $3.463 billion to $684.805 billion for the week ending October 25, according to data released by the Reserve Bank of India (RBI) on Friday. This follows a previous reduction of $2.163 billion, bringing the reserves down from $688.267 billion the prior week.
In September, the reserves reached an all-time high of $704.885 billion, highlighting the recent downturn in the nation’s forex position. The data indicates a notable decrease in foreign currency assets, a primary component of the reserves, which fell by $4.484 billion to $593.751 billion.
“Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves,” the RBI explained in its report.
Despite the overall decline in forex reserves, gold reserves experienced a positive change, increasing by $1.082 billion to $68.527 billion during the same week. Additionally, the special drawing rights (SDRs) saw a decrease of $52 million, bringing the total to $18.219 billion.
India’s reserve position with the International Monetary Fund (IMF) also reflected a slight decline, down by $9 million to $4.307 billion for the reporting week.
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