Snapping the three-week rising streak, India’s forex reserves dropped by $2.54 Billion to $635.721 Billion in the week ended February 14, the RBI said on Friday.
In the previous reporting week, the reserves had increased by $7.654 Billion to $638.261 Billion.
The forex reserves had increased to an all-time high of $704.885 Billion in September 2024. The forex kitty however declined thereafter due to forex market interventions by RBI to reduce volatility in the rupee.
For the week ended February 14, foreign currency assets, a major component of the reserves, decreased by $4.515 Billion to $539.591 Billion, the data released on Friday showed.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Gold reserves, however, increased by $1.942 Billion to $74.15 Billion during the week, the RBI said.
