India’s foreign exchange reserves ease from record high

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%.