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<h1>India's Forex Reserves Drop by $1.88 Billion in One Week; Rupee Stabilization Efforts Continue.</h1> India's foreign exchange reserves fell by USD 1.88 billion to USD 623.983 billion for the week ending January 17, according to the Reserve Bank of India. This decline follows a previous drop of USD 8.714 billion the week before. The decrease is attributed to revaluation and interventions in the forex market to stabilize the rupee. Foreign currency assets, a significant part of the reserves, decreased by USD 2.878 billion. However, gold reserves increased by USD 1.063 million, and Special Drawing Rights rose by USD 1 million. India's IMF reserve position decreased by USD 74 million.