India’s foreign exchange declines by 1.8 billion dollars till 17th Jan

India’s foreign exchange reserves declined by 1.8 billion dollars to 623.98 billion dollars in the week ending January 17, the latest data released by the Reserve Bank of India (RBI) showed today. In the previous week, the country’s forex reserves had dropped by 8.7 billion dollars in the week ending January 10 and had settled at 625.87 billion dollars. 

The decline was primarily attributed to a significant dip in Foreign Currency Assets (FCA), a major component



of the reserves, as per the Weekly Statistical Supplement released by RBI. The FCA fell by 2.87 billion dollars to over 533 billion dollars during the week. Conversely, gold reserves were up by 1.06 billion dollars, totalling 68.94 billion dollars. The reserves have been declining for the last few weeks, and the drop has been attributed to revaluation along with forex market interventions by RBI to help reduce volatilities in the rupee.