India’s Forex reserves fell by $1.268 billion in first week of Jan

The Reserve Bank of India (RBI) in Mumbai, India. [Photo: WikiMedia/Nichalp.]

The Reserve Bank reported on Friday that India’s foreign exchange reserves decreased by USD 1.268 billion to USD 561.583 billion for the week ending January 6.

Following two straight weeks of decline, the overall reserves increased by USD 44 million to USD 562.851 billion in the prior reporting week.

The nation’s foreign exchange reserves hit an all-time high of USD 645 billion in October 2021. The reserves had been dropping as the central bank utilised them to support the rupee against pressure from international events.

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