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India's Forex Reserves Drop $14.88 Billion
25 Sep
Summary
- Foreign exchange reserves fell by $14.88 billion to $765.90 billion.
- The decline occurred during the week ending September 18.
- While overall reserves decreased, gold reserves saw a slight increase.
India's foreign exchange reserves saw a substantial decrease of $14.88 billion during the week concluding September 18, settling at a total of $765.90 billion. The primary driver of this decline was a fall in foreign currency assets, which comprise the largest portion of the reserves. These assets decreased by $14.82 billion within the specified week.
Conversely, the nation's gold reserves demonstrated a slight upward trend, recording a marginal increase of $68 million over the same period. Data from the Reserve Bank of India indicated that despite this recent reduction, India's foreign exchange reserves had shown considerable growth in the preceding months and from the previous year.
As of September 18, the overall foreign exchange reserves had surged significantly from both the end of March and from a year prior, highlighting a period of robust accumulation prior to this recent week's dip.
