Kolkata:India’s foreign currency reserves dipped by $1.466 billion in the last week of 2021 to $633.614 billion, Reserve Bank of India‘s data showed.
This reflects the fall in the valuation of reserves held in other global currencies. RBI does not give any reason behind the rise or fall in reserves.
Foreign currency assets, which show the change in the valuation, fell by $1.480 billion to $569.89 billion.
Forex reserves fell nearly $4billion in December due to unabated dollar outflows as foreign portfolio investors (FPI) continue to offload their investments in local debt and equities ahead of Christmas and New Year holidays. FPIs offloaded nearly $3 billion of their investment in December alone.