India's Forex Reserves: A Declining Trend

India's foreign exchange reserves have been falling for several consecutive weeks, dropping by USD 17.761 billion to USD 657.892 billion as of November 15. The decline has been continuous since the reserves hit an all-time high of USD 704.885 billion in late September. Major reductions were seen in foreign currency and gold assets.

India's foreign exchange reserves recently witnessed a significant drop of USD 17.761 billion, bringing the total to USD 657.892 billion as of November 15, according to data released by the Reserve Bank of India (RBI) on Friday.

This follows a previous decline of USD 6.477 billion the week prior, as the reserves slipped from an all-time high of USD 704.885 billion recorded in late September. This persistent decrease coincides with the Indian rupee facing downward pressure.

The latest figures reveal a reduction in foreign currency assets by USD 15.548 billion, now totaling USD 569.835 billion. Similarly, gold reserves diminished by USD 2.068 billion to stand at USD 65.746 billion. The country's SDRs and IMF reserve position also saw declines, according to the RBI.

(With inputs from agencies.)