India's forex reserves halt 7-week rising streak, come off record high to $701 billion | The country's foreign exchange reserves fell for the first time in 8 weeks: came to $ 701 billion, had reached a record high last week.

India's foreign exchange reserves have declined for the first time in eight weeks. The Reserve Bank of India i.e. RBI released the data on Friday (October 11) and said that India's foreign exchange reserves have fallen from a record high to $ 701.18 billion.

Foreign exchange reserves have declined by $3.71 billion this week. And in the last seven weeks there was a total growth of about 35 billion dollars. Last week it had reached a record high level of $704.89 billion.

Forex reserves increased by $12.6 billion last week Foreign exchange reserves had increased by $12.6 billion in the week ended September 27, the largest weekly increase since mid-July 2023. In the year 2023, India added about $58 billion to its foreign exchange reserves. Whereas 2022 saw a decline of $71 billion.

Forex is an asset of the Central Bank or Monetary Authority Foreign exchange reserves help in protecting domestic economic activity from global shocks. Foreign exchange reserves are assets held by the central bank or monetary authority of a country.

The country's Central Bank keeps currencies like US dollar, Euro, Japanese currency Yen and Pound Sterling in its foreign exchange reserves. The currency closed at 84.06 on Friday, having touched a record low of 84.07 in intraday trade. It is down 0.1% week-on-week.