India's Forex Reserves Experience Significant Decline
India's foreign exchange reserves saw a notable decline of USD 9.322 billion, dropping to USD 688.871 billion for the week ending on August 1, according to the Reserve Bank of India. This contrasts with a previous increase, where reserves had risen by USD 2.703 billion.
- Country:
- India
In a striking development, India's foreign exchange reserves plummeted by USD 9.322 billion to reach USD 688.871 billion for the week concluding on August 1, as reported by the Reserve Bank of India on Friday.
Interestingly, this decline follows a prior week's growth that saw a boost of USD 2.703 billion, taking the reserves to a total of USD 698.192 billion.
The major driver of this drop was the fall in foreign currency assets, which diminished by USD 7.319 billion to USD 581.607 billion. Additionally, gold reserves, Special Drawing Rights (SDRs), and India's reserve position with the IMF also experienced reductions.
(With inputs from agencies.)
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