India’s Foreign Exchange Reserves Decline by $47 Billion in 7th Consecutive Week, Gold Reserves Also Drop

India's foreign exchange reserves have faced a decline for the seventh consecutive week. According to the latest data from the Reserve Bank of India (RBI), the reserves have decreased by approximately $18 billion. Notably, the total drop in India's foreign exchange reserves has reached $47 billion over the last 50 days.

The RBI reported that as of the week ended November 15, India's foreign exchange reserves fell by $17.761 billion, bringing the total to $657.892 billion. This decline follows a decrease of $6.477 billion in the previous week, which ended on November 8, when the reserves stood at $675.653 billion. At the end of September, India's foreign exchange reserves were at a peak of $704.885 billion.

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In addition to the overall decline, foreign currency assets also saw a reduction in the week ending November 15. Specifically, foreign exchange assets dropped by $15.548 billion, leading to a new total of $569.835 billion. Meanwhile, gold reserves decreased by $2.068 billion, bringing them down to $65.746 billion for the week. Additionally, Special Drawing Rights (SDRs) fell by $94 million to $18.064 billion.