India's Forex Reserves: A Symptom of Economic Revaluation

India's forex reserves fell by USD 1.88 billion to USD 623.983 billion as of January 17. Previously, reserves dropped USD 8.714 billion in the week ending January 10. The decline stems from revaluation and RBI interventions. Notably, reserves reached USD 704.885 billion in September.

India's foreign exchange reserves have experienced a decline, dropping by USD 1.88 billion to USD 623.983 billion as of January 17, as reported by the Reserve Bank of India (RBI) this Friday.

This trend follows a significant USD 8.714 billion decrease in the previous week, ending January 10, marking consistent drops largely attributed to revaluation and RBI's interventions to manage rupee volatility.

The reserves, which had peaked at an all-time high of USD 704.885 billion in September, saw notable changes with foreign currency assets decreasing by USD 2.878 billion and gold reserves rising by USD 1.063 million in recent weeks.

(With inputs from agencies.)