India`s forex reserves drops USD 571 million to USD 563.5 billion
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After rising for five consecutive weeks, India's forex kitty dropped USD 571 million to USD 563.499 billion for the week ended December 16, according to RBI data released on Friday. In the previous reporting week, the overall reserves had swelled USD 2.91 billion to USD 564.06 billion, making it the fifth straight week of an increase in the kitty after a protracted decline. In October 2021, the country's foreign exchange kitty had reached an all-time high of USD 645 billion.
The reserves had been declining as the central bank deployed the reserve to defend the rupee amid pressures caused majorly by global developments.
