India’s foreign exchange (forex) reserves fell by $678 million to $634.28 billion in the week ended January 21 due to a sharp decline in foreign currency assets, the Reserve Bank of India (RBI) data showed.

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The foreign currency assets, which is the biggest component of the forex reserves, dipped by $1.115 billion to $569.582 billion during the week under review, according to the RBI’s weekly statistical supplement.