Fri Dec 27 15:35:27 UTC 2024: ## India’s Forex Reserves Plunge to Six-Month Low

**MUMBAI, INDIA** – India’s foreign exchange reserves have fallen to a six-month low of $644.391 billion, marking a further decline of $8.478 billion for the week ending December 20th, the Reserve Bank of India (RBI) announced Friday. This follows a $1.988 billion drop the previous week.

The decrease is attributed to a combination of revaluation losses and RBI interventions in the forex market aimed at stabilizing the rupee. While the reserves reached an all-time high of $704.885 billion at the end of September, they have been steadily declining in recent weeks.

The major component, foreign currency assets, decreased by $6.014 billion to $556.562 billion. Gold reserves also fell, dropping by $2.33 billion to $65.726 billion. Special Drawing Rights (SDRs) and the reserve position with the International Monetary Fund (IMF) also saw decreases of $112 million and $23 million respectively. The RBI attributes the fluctuations in foreign currency assets to changes in the value of non-US currencies held in reserve.

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