India’s foreign exchange reserves ease from record high

Written by Miroslav Marinov

Miroslav Marinov, a financial news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market, as currently his focus is set on the major currencies of eight developed nations worldwide.

, | Updated: October 30, 2024

India’s foreign exchange reserves have continued to ease from the record high of $704.9 billion registered in the last week of September.

Foreign exchange reserves held by the Reserve Bank of India decreased to $690.4 billion as of October 11th, the latest data showed.

The result was largely attributed to an outflow of foreign capital amid heightened tensions in the Middle East and as investors had higher preference for Chinese assets following Beijing’s stimulus measures.

The USD/INR currency pair settled little changed at 84.0460 on Friday. For the week, the exotic currency pair inched down 0.04%.

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