Foreign exchange reserves hit a seven-month low to $304 billion for the week ended November 25, down $4 billion from the week before. According to the Reserve Bank of India (RBI), the dip was mainly due to a revaluation of the foreign currency assets, which declined $4 billion to $270 billion. Experts believe RBI’s intervention in the forex market and the widening trade deficit are responsible for the fall.
Also, special drawing rights and reserve position in the International Monetary Fund fell $38 million and $22 million to $4.5 billion and $2.6 billion, respectively. Gold reserves remained unchanged at $27 billion.
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