India's foreign exchange reserves fall to $656.58B as RBI intervenes to stabilize the rupee.
Union Bank of India's report indicates India's foreign exchange reserves have dropped from $705 billion to $656.58 billion as the Reserve Bank of India uses these reserves to stabilize the currency amid dollar outflows. The rupee has been under pressure, with the RBI intervening to manage volatility. Additionally, the government's fiscal position briefly required Ways and Means Advances but later recovered.
December 05, 2024
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