What's the story

India 's foreign exchange reserves have witnessed a significant decline of $5.623 billion, now standing at $689.733 billion. The fall is mainly attributed to a decline in foreign currency assets and gold holdings, according to the latest data from the Reserve Bank of India (RBI) . Despite this dip, the country's reserves remain strong enough to cover over 11 months of merchandise imports.

Asset drop

Major decline in foreign currency assets and gold reserves

The decline in India's forex reserves is largely due to a fall in foreign currency assets and gold reserves. The former, which is the biggest component of the reserves, fell by $1.957 billion to $564.591 billion. Meanwhile, gold reserves witnessed a sharper decline of $3.810 billion, now standing at $101.726 bi

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