India’s foreign exchange reserves have eased to their lowest level since April.
Foreign exchange reserves held by the Reserve Bank of India decreased to $640 billion in the last week of 2024, the latest data showed.
This has extended the drop from the record high of $704.9 billion registered in the last week of September.
The result was largely attributed to an outflow of foreign capital amid signs of a slowing local economy.
This has prompted the Reserve Bank of India to deplete reserves and prevent a steeper depreciation of the Rupee.
The USD/INR currency pair settled 0.02% higher at 85.7400, or a fresh record high closing level, on Friday. For the week, the exotic currency pair went up 0.44%.
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