News > Forex drop by $5.40 billion to $643.16 billion for the week ended April 12: RBI

Forex drop by $5.40 billion to $643.16 billion for the week ended April 12: RBI

India's foreign exchange reserves declined for the first time in eight weeks as of April 12, as per data released by the Reserve Bank of India. This is the steepest decline in Forex in over three months. The central bank has been selling dollars in the spot forex market over the last few sessions to prevent a large-scale depreciation in the rupee amid geopolitical tensions in the Middle East and concerns over delayed rate cuts by the Federal Reserve.