India’s forex reserves snap three-week gaining streak, drop by $2.54 billion to $635.721 billion
3 weeks, 6 days ago

India’s forex reserves snap three-week gaining streak, drop by $2.54 billion to $635.721 billion

Live Mint  

Snapping the three-week rising streak, India's forex reserves dropped by USD 2.54 billion to USD 635.721 billion in the week ended February 14, the RBI said on Friday. For the week ended February 14, foreign currency assets, a major component of the reserves, decreased by USD 4.515 billion to USD 539.591 billion, the data released on Friday showed. The rupee has been under pressure amid India's sluggish economic growth, a recent interest rate cut, foreign outflows from local stocks and concerns of a global trade war following U.S. President Donald Trump's tariff plans. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

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