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Forex update: Reserves fall by $3 billion to $699.736 billion in early July; foreign currency assets slip sharply
India's foreign exchange reserves experienced a decline of $3.049 billion, reaching $699.736 billion for the week ending July 4, as per RBI data. This decrease was primarily driven by a significant drop in foreign currency assets, although gold reserves and SDRs saw increases. The reserves are crucial for managing external vulnerabilities and maintaining financial stability.
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