India’s foreign exchange reserves fell by $1.98 billion to $652.87 billion as of 13th December, according to data released by the Reserve Bank of India (RBI).

India’s foreign exchange reserves dropped by $3.23 billion, settling at $654.86 billion as of 6th December 2024.

The decline was mainly due to a $3 billion drop in Foreign Currency Assets (FCAs), which now total $562.58 billion.

Gold reserves increased by $1.12 billion, reaching $68 billion.

Special Drawing Rights (SDRs) decreased by $35 million to $17.99 billion, while the IMF reserve contracted by $27 million to $42.40 billion.

India ranks 4th globally in foreign exchange reserves, following China, Japan, and Switzerland.

India has grown from being part of the “Fragile Five” to the fastest-growing major economy and is now the 5th largest economy globally.

India’s foreign exchange reserves surpassed $700 billion for the first time.

The RBI intervenes in foreign exchange markets to prevent steep rupee depreciation and manage liquidity without setting a predetermined target level.

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