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Country's foreign exchange reserves declined further, falling by $1.88 billion to $623.983 billion
Forex Reserves: At the end of September 2024, the foreign exchange reserves had risen to an all-time high of US$704.885 billion. According to the data released on Friday, foreign exchange assets, a major component of the foreign exchange reserves, declined by $2.878 billion to $533.133 billion in the week ended January 17.
The country's foreign exchange reserves fell $1.88 billion to $623.983 billion in the week ended January 17, the Reserve Bank said in data released Friday. In the previous week, total reserves of forex had declined by $8.714 billion to $625.871 billion in the week ended January 10.
The reserves have been on a declining trend for the last few weeks and the reason for this decline is the step taken by the RBI to reduce the volatility in the rupee. From time to time, the central bank has intervened in the foreign exchange market to keep the rupee stable.
The foreign exchange reserves rose to a record US$ 704.885 billion at the end of September 2024. Foreign exchange assets, which are a major component of foreign exchange reserves, contracted by $ 2.878 billion to $ 533.133 billion in the week ended January 17, according to data released on Friday.
