By laksh5382 
India’s foreign exchange Reserves fell below $700 billion in the week ending October 11th After remaining above this level in the last two weeks.
During the week under review, the reserves declined by $ 10.746 billion to $ 690.43 billion on October 11, 2024.
“This (decline in reserves) was mainly due to revaluation losses (stronger US dollar as well as higher Treasury yields) as well as anecdotal gains,” Nuwama Wealth said in a report. reserve Bank of India Intervention (in the foreign exchange market). Despite adequate liquidity conditions, the central bank did not conduct OMO (open market operations) sales (of government securities) in the week of October 11.
In the week under review, the decline in reserves was mainly due to a $10.542 billion decline in foreign currency assets (FCAs).
The other three components of reserves also declined – gold ($98 million), special drawing rights ($86 million) and reserve positions with the International Monetary Fund ($20 million).
Since the end of March 2024, India’s reserves have increased by $44.011 billion.