India's forex reserves touch $524.5 bn, lowest level since July 2020

India's foreign exchange (forex) reserves declined $3.8 billion to $524.5 billion for the week ending October 21, data released by Reserve Bank of India on Friday showed. Reserves are at their lowest levels since July 2020. Since last year, reserves have declined by $115 billion.

The primary reason for the decline is foreign currency assets, which recorded a dip of $3.5 billion to $465 billion. Value of gold held by the central bank declined $2.47 billion compared to October 14. Gold accounts for 7.1 per cent of India's total forex reserves. 

The RBI has been selling rupees to prevent