Mumbai:India's forex reserves dropped by USD 8.714 billion to USD 625.871 billion in the week ended January 10, the RBI said on Friday.
Earlier, the overall kitty dropped by USD 5.693 billion to USD 634.585 billion in the week ended January 3, the Reserve Bank of India said.
The reserves have been on a declining trend for the last few weeks, and the drop has been attributed to revaluation along with forex market interventions by RBI to help reduce volatilities in the rupee. The forex reserves had increased to an all-time high of USD 704.885 billion in end-September.
For the week ended January 10, foreign currency assets, a major component of the reserves, decreased by USD 9.469 billion to USD 536.011 billion, the data released on Friday showed.