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India's forex reserves dip by $2.7 billion—here's why it matters
Business
India's foreign exchange reserves slid by $2.7 billion this week, now standing at $687.73 billion, says the RBI.
This marks the second week in a row of falling reserves, mainly because both foreign currency assets and gold holdings dropped—gold alone fell by nearly $2 billion after hitting a record high just last month.
What's the RBI doing about it?
The RBI keeps a close watch on the forex market and steps in when needed to keep things steady, but they don't try to control the exact value of the rupee.
Their main goal is to avoid wild swings and make sure things stay calm for everyone involved.