India’s central bank’s FX reserves fell to USD 690.4 bln as of October 11, 2024, marking the second straight decline, from USD 704.9 bln at the end of September. This decline was driven by foreign capital outflows, as investors favored Chinese assets following Beijing’s stimulus measures. Rising G-Sec yields and a pullback in the Sensex due to geopolitical tensions in the Middle East contributed to the decline.’