Forex reserves drop by $4.11 bn to $640.27 bn – The Tribune-OxBig News Network

India’s forex reserves dropped by USD 4.112 billion to USD 640.279 billion during the week ended December 27, the Reserve Bank said on Friday.

In the previous reporting week, the overall kitty had dropped by USD 8.478 billion to USD 644.391 billion.

The reserves have been declining for the last few weeks, and the drop has been attributed to revaluation along with forex market interventions by RBI to help reduce volatility in the rupee. The reserves had risen to an all-time high of USD 704.885 billion in end-September.