India's foreign exchange (forex) reserves continue to decline. In the week that ended December 13, the foreign exchange kitty declined by USD 1.988 billion to USD 652.869 billion, data from the Reserve Bank of India (RBI) showed Friday.
The government on Monday clarified that the recent decline in India's foreign exchange reserves (FER) is not the highest decline in the country's history.
India's foreign exchange (forex) reserves started to rise again after having slumped for an eighth consecutive week, in the process hitting a multi-month low.
The recent decline in India's forex reserve from USD 705 billion to USD 656.58 billion is because the central bank is using forex reserve to manage currency volatility says a report by Union Bank of India.
India's foreign exchange (forex) reserves slumped for an eighth consecutive week to hit a multi-month low of USD 656.582 billion in the week that ended on November 22, data from the Reserve Bank of India (RBI) showed.
India's foreign exchange (forex) reserves dropped for a seventh consecutive week to hit an over four-month low of USD 657.892 billion in the week that ended on November 15, data from the Reserve Bank of India (RBI) showed.
India's foreign exchange (forex) reserves dropped for a sixth consecutive week to hit a near three-month low of USD 675.65 billion as of November 8, data from the Reserve Bank of India (RBI) showed on Friday, November 15.
With its growing economic strength, India has achieved the significant feat of joining the ranks of the world's largest foreign exchange reserves, securing the 4th position globally after China, Japan, and Switzerland.