Forex reserves drop $2.9 billion to $593.19 billion

India's forex reserves dropped $2.901 billion to $593.198 billion in the week ended June 23, the Reserve Bank said on Friday. The overall reserves increased by $2.35 billion to $596 in the previous reporting week. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments. https://ift.tt/NeVfHlG