Forex Reserves Fall By $1.88 Bn To $623.983 Bn

Mumbai: India’s forex reserves dropped by $1.88 billion to $623.983 billion in the week ended January 17, the RBI said on Friday. Earlier, the overall kitty declined by $8.714 billion to $625.871 billion in the week ended January 10, the Reserve Bank of India (RBI) said.

The reserves have been on a declining trend for the last few weeks, and the drop has been attributed to revaluation along with forex market interventions by RBI to help reduce volatilities in the rupee.