India's forex reserves drop by $4.9 billion

India's foreign exchange reserves faced a considerable downturn last week, plunging by $4.9 billion to a total of $780.7 billion. This decrease was influenced by lower valuations of gold reserves and a drop in foreign currency assets. To counteract rupee depreciation, the Reserve Bank of India is likely to have intervened by selling dollars. Some analysts speculate that FCNR(B) inflows pending conversion may have already been swapped.

This story was originally reported by Economic Times — Markets. As an automated real-time news aggregator, NewsToolBar provides multi-perspective indexing and AI summarization while directing full readership directly to primary publisher sources.