India’s Forex Reserves Fall by $3.23 Billion to $654.86 Billion: RBI

India’s foreign exchange (FOREX) reserves declined by 3.23 billion dollars to 654.86 billion dollars in the week ending December 6, the latest data released by the Reserve Bank of India (RBI) showed on Friday.

This marks a drop from the previous week’s level of 658.09 billion dollars that had marked the first rise in nine weeks, recovering from a five-month low.

The decline was primarily attributed to a significant dip in Foreign Currency Assets (FCA), a major component of the reserves, as per the Weekly Statistical Supplement released by RBI. FCA fell by 3.22 billion dollars to 565.62 billion dollars during the week. Gold reserves displayed a marginal decline of 43 million dollars to 66.94 billion dollars.

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