India’s forex reserves fall $1.2 billion to $719.74 billion as of October 24
Indias foreign exchange reserves fell by $1.2 billion to $719.74 billion in the week ended October 24, according to the RBI. The decline followed a sharper $5 billion drop in the previous week, when reserves stood at $721.02 billion, indicating continued pressure on the country's foreign exchange kitty.
India’s foreign exchange reserves declined by $1.2 billion to $719.74 billion in the week ended October 24, according to data released by the Reserve Bank of India (RBI) on Friday.For the previous week, India's forex reserves had fallen by $5 billion to $721.02 billion.The reserves touched an all-time high of $785.706 billion for the week ended September 4, following substantial foreign currency inflows through a special concessional swap scheme for diaspora deposits.Under the scheme, banks raised a record amount of nearly $133 billion.
