India's foreign exchange reserves dropped by $8.48 billion, reaching a six-month low.

India's foreign exchange reserves fell by $8.478 billion to $644.391 billion as of December 20, marking a decline for the second consecutive week. The Reserve Bank of India cited revaluation and interventions to stabilize the rupee as reasons for the drop. Foreign currency assets, gold reserves, and Special Drawing Rights all decreased, pushing reserves to a six-month low. Despite the recent decline, India still ranks fourth globally in forex reserves.

December 27, 2024
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