India's Forex Reserves Dip $6.7 Billion from Record High to $717.1 Billion

• India's foreign exchange reserves fell by $6.711 billion to $717.064 billion in the week ending February 6.
• The dip follows a record high of $723.774 billion reached in the prior week.
• The decline was primarily driven by a $14.208 billion drop in gold reserves, while foreign currency assets rose by $7.661 billion.
• Despite the dip, the RBI states reserves are sufficient to cover over 11 months of merchandise imports.
• Forex reserves increased by approximately $58 billion in 2023 and $20 billion in 2024.