India’s foreign exchange reserves decreased by 8.71 billion dollars to 625.87 billion dollars

The country’s foreign exchange reserves fell by $8.71 billion to $634.87 in the week ended January 10. The Reserve Bank of India (RBI) said today that it had decreased by USD 5.69 billion to USD 634.58 in the previous week.

Foreign exchange reserves have been declining for the past few weeks. The reason for this decline is being attributed to the RBI’s intervention in the foreign exchange market as well as valuation to moderate the fluctuations in the rupee.

Foreign exchange reserves rose to an all-time high of US$ 704.88 billion at the end of September. According to data released by the RBI today, foreign exchange assets, the major component of foreign exchange reserves, declined by $9.47 billion to $536.01 billion in the week ended January 10. -News-Patiala