India's forex reserves dip by $1.18 billion, now at $695.49B
India's foreign exchange reserves slipped by $1.18 billion last week, now standing at $695.49 billion, says the RBI.
This follows another bigger drop the week before, showing a steady downward trend lately.
Most of the reserves are in foreign currency assets, which also took a hit.
Forex reserves strong enough to cover 95% external debt
By July 11, foreign currency assets had dropped to $588.81 billion; gold and Special Drawing Rights (SDRs) also shrank a bit.
Even with these dips, India's stash is strong enough to cover 95% of its external debt and pay for over 11 months of imports—so we're still in a pretty safe spot.
RBI intervening in forex market to stabilize rupee
The RBI has been actively stepping in to keep the rupee from swinging too wildly against other currencies.
That means using up some reserves to keep things stable when global markets get shaky.
So while numbers are down for now, it's all part of keeping India's economy steady behind the scenes.