India Forex reserves drop to lowest in eight months
India’s foreign exchange reserves have eased to their lowest level since April.Foreign exchange reserves held by the Reserve Bank of India decreased to $640 billion in the last week of 2024, the lates
India’s foreign exchange reserves have eased to their lowest level since April.
Foreign exchange reserves held by the Reserve Bank of India decreased to $640 billion in the last week of 2024, the latest data showed.
This has extended the drop from the record high of $704.9 billion registered in the last week of September.
The result was largely attributed to an outflow of foreign capital amid signs of a slowing local economy.
This has prompted the Reserve Bank of India to deplete reserves and prevent a steeper depreciation of the Rupee.
The USD/INR currency pair settled 0.02% higher at 85.7400, or a fresh record high closing level, on Friday. For the week, the exotic currency pair went up 0.44%.
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