India's Forex Reserves Drop By $2.69 Billion To $717 Billion

India's forex reserves dropped by $2.691 billion to $717.056 billion during the week ended October 30, according to data released by the Reserve Bank of India.

The reserves previously reached an all-time high of $785.706 billion during the week ended September 4, driven by diaspora deposits.

Experts attribute the decline to the deployment of Foreign Currency Non-Resident Bank resources and currency defense through dollar sales by the RBI.