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India’s forex reserves drop by USD 3bn for last week of July

India’s foreign exchange (forex) reserves dropped by USD 3.165 billion to USD 603.87 billion for the week ended July 28, the Reserve Bank of India (RBI) has said.

This is the second consecutive weekly drop in the reserves after the USD 1.987 billion decline to USD 607.035 billion in the previous reporting week.

For the week ended July 28, the foreign currency assets, a major component of the reserves, decreased by USD 2.416 billion to USD 535.337 billion, according to the Weekly Statistical Supplement released by the RBI.

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