India's foreign exchange reserves decline for eighth consecutive week
USD 656.582 billion in the week that ended on November 22, data from the Reserve Bank of India (RBI) showed.
The forex reserves dropped by about USD 1.310 billion in the reporting week. The reserves have been falling ever since it touched all-time high of USD 704.89 billion in September.
The reserves have been declining likely due to RBI intervention aimed at preventing a sharp depreciation of the Rupee. A substantial foreign exchange reserve buffer helps shield domestic economic activity from global shocks.
The latest RBI data showed that India's foreign currency assets (FCA), the largest component of forex reserves, stood at USD 566.791 billion.
Gold reserves currently amount to USD 67.573 billion, according to RBI data.
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