India’s Forex Reserves Decline
India’s foreign exchange reserves fell by $4.888 billion. The reserves stood at $685.729 billion for the week ended May 16. This decline follows a $4.553 billion rise in the previous week.
The country’s forex reserves reached a record high of $704.885 billion in September 2024. Foreign currency assets (FCAs) rose by $196 million. FCAs reached $581.373 billion.
Currency movements impacted FCAs. Non-US currencies like the euro, pound, and yen affected the reserves. The Reserve Bank of India (RBI) reported the decline.
