India's Forex Reserves Decline Sharply

India's forex reserves have been on a downward trend over the past few weeks.

For the week ending January 10, the reserves fell by $8.714 billion, reaching $625.871 billion. In the previous week, they had decreased by $5.693 billion.

The RBI has been intervening in the forex market recently to prevent further depreciation of the rupee. Notably, the forex reserves had last reached an all-time high of $704.885 billion in September last year.