Forex Reserves fell by $1.7 billion at a slow pace in the week ending May 6

India’s forex reserves fell by 1.7 billion to around $596 billion for the week ended May 6, the day LIC of India’s initial public offer opened for general subscriptions. While the foreign currency assets dipped by nearly $2 billion, gold reserves were up by 135 million. This was the eighth consecutive contraction of forex reserves, now slipping below the $600 billion mark, which the central bank is aiming to protect.
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