India's Forex Reserves Hit 11-Month Low at $623.98 Billion Amid Rupee Volatility

India's foreign exchange reserves have experienced a significant decline, dropping by $1.88 billion to reach $623.983 billion for the week ending January 17, 2025, as reported by the Reserve Bank of India (RBI). This marks the sixth consecutive week of decline, attributed mainly to revaluation effects and RBI interventions aimed at stabilizing the rupee amid ongoing market volatility. The reserves had previously peaked at an all-time high of $704.885 billion in September 2024. Despite this downturn, gold reserves saw a slight increase. 

 

Source: Business Standard, CNBC TV18, Indian Express