India's foreign exchange reserves dropped $5.4bn to $643.16bn on April 12, marking the first decline after eight weeks of record highs.
India's foreign exchange reserves dropped by $5.4bn to $643.16bn on April 12, marking the first decline after eight weeks of record highs. The RBI released dollars into the market to control rupee volatility, as the currency weakened due to rising oil prices and increased import costs. The foreign currency portion of reserves fell by $6.51bn, but gold assets increased by $1.24bn, mitigating the decline.
April 19, 2024
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