Message: Return type of CI_Session_null_driver::open($save_path, $name) should either be compatible with SessionHandlerInterface::open(string $path, string $name): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
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India's foreign exchange reserves saw an increase to $658.1 billion for the week ending November 29, according to the Reserve Bank of India (RBI). This rise followed an eight-week decline, with a $1.5 billion increase from the previous week. In comparison, the reserves had dropped by $1.31 billion in the prior week, reaching $656.58 billion.
Foreign investors have invested Rs 1.75 lakh crore into India's debt and equity markets in 2024. However, the month of November witnessed outflows of Rs 32,210.22 crore from Indian bonds and equities, while October saw a larger outflow of Rs 96,358 crore. These outflows, coupled with a strong dollar, have put pressure on the Indian rupee. The RBI typically steps in with its foreign exchange reserves to stabilize the rupee during high volatility.
Regarding the components of India's forex reserves, foreign currency assets fell to $568.854 billion during the week. These assets are impacted by changes in the value of non-US currencies, including the euro, pound, and yen. Gold reserves also decreased to $66.98 billion during this period. Gold prices rose to Rs 76,520 per 10 grams, after reaching above Rs 77,000 earlier in the week. The decline in demand for gold in the previous month led to a dip in prices, which rebounded slightly by early December.
