India's Forex Reserves Decline Third Straight Week After Stellar Run

India’s forex reserves have declined for the third consecutive week, following a stellar run. The reserves fell by $2.163 billion to $688.267 billion as of October 18, 2024. The decline is attributed to the Reserve Bank of India’s (RBI) intervention to curb the sharp depreciation of the rupee. Despite the recent dip, the reserves remain sufficient to cover over a year of projected imports. The RBI’s strategic management of forex reserves aims to maintain stability in the foreign exchange market and protect the economy from global financial shocks.