India’s foreign exchange reserves continue to fall, kitty now over 10 per cent below its peak
India foreign exchange reserves have been on a decline for the sixth straight week , hitting a 10 month low of 625.9 billion as of january 10 .
The main reason for this fall is the reserve bank of indias intervention in the foreign exchange market to slow down the depreciation of the rupee . which has been under pressure for the last few months . The rupee has depreciated by 3.2% since October 1 and continued its downward trend, dropping 6 paise against the dollar on Friday to end the day at 86.61/$.
In the week ending january 17 , indias foreign exchange reserves declined by USD 1.88 billion to USD 623.983 billion, according to the lastest data from the reserve bank of india (RBI).
The reserves have been falling ever since they touched an all time high of usd 704.89 billion in september , and they are now over 10 percent lower than the peak .
The latest rbi data showed that indias foreign currency assets (fca) the largest component of forex reserves , stood at usd 533.133 billion . Gold reserves currently amount to usd 68.947 billion , with a usd 1.06 billion jump in the past week , according to RBI data .
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