India's foreign exchange reserves drop by $5.6 billion
India's foreign exchange reserves just dropped by $5.6 billion, now sitting at $689.7 billion as of October 31, 2024.
This dip is mainly because both foreign currency assets and gold holdings went down, but the stash is still close to last year's (2024's) record high.
Breakdown of the reserves
Most of India's reserves are in US dollars, with some euros, yen, and pounds mixed in.
Foreign currency assets are at $564.6 billion, while gold has slipped to $101.7 billion thanks to global price swings.
The RBI manages all this behind the scenes to keep the rupee steady.
Reserves are enough to cover 11 months of imports
RBI Governor Sanjay Malhotra stated that the foreign exchange reserves were sufficient to cover more than 11 months of merchandise imports—so India's not exactly running on empty.
Even after this dip, India still ranks among countries with the biggest reserve stockpiles worldwide, helping keep our economy stable when things get bumpy globally.