India's Forex Reserves Witness Significant Fluctuation

India's forex reserves dropped significantly by USD 7.052 billion to USD 709.759 billion during the week ended March 13. The decrease follows a prior drop of USD 11.683 billion, leading to fluctuations including a rise to an all-time high of USD 728.494 billion in the preceding week.

In a notable shift, India's forex reserves saw a decrease of USD 7.052 billion, falling to USD 709.759 billion as of the week ending March 13, according to the Reserve Bank of India (RBI).

This decline adds to a prior reduction of USD 11.683 billion, demonstrating a fluctuating trend after a peak of USD 728.494 billion the previous week.

The drop primarily resulted from foreign currency assets decreasing by USD 7.678 billion, while gold reserves observed an increase of USD 664 million, highlighting the volatility of currency and commodity values.

(With inputs from agencies.)