India’s Forex Reserves Fall for Fifth Week to $726 Billion
What Happened
India’s foreign exchange reserves fell $8.58 billion to $726.03 billion in the week ended October 9, marking a fifth consecutive weekly decline. RBI data showed foreign currency assets dropped $7.14 billion to $597.61 billion, while gold reserves declined $1.32 billion to $105.09 billion.
Key Takeaways
Reserves have fallen about $59.7 billion over five weeks from a record $785.71 billion on September 4. The decline reflects currency-market intervention as well as valuation changes in reserve assets