India's forex reserves drop by USD 5.68 billion to USD 561.26 billion

India's forex reserves dropped by USD 5.681 billion to USD 561.267 billion for the week ended February 17, the RBI said on Friday. This is the third consecutive week of a drop in the reserves after the USD 8.319 billion decrease in the previous reporting week to USD 566.948 billion. In October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

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