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India’s Forex Reserves Slip $691 Million to $562.81 Billion; 2nd Straight Week of Decline

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Edited By: Mohammad Haris

Last Updated: December 31, 2022, 10:55 IST

In October 2021, the country's foreign exchange kitty had reached an all-time high of $645 billion.

In October 2021, the country’s foreign exchange kitty had reached an all-time high of $645 billion.

Foreign currency assets, a major component of the overall reserves, fall $1.134 billion to $498.49 billion during the week to December 23

Falling for the consecutive week of decline in the exchequer, India’s forex reserves declined $691 million to $562.808 billion in the week till December 23, according to the latest data from the Reserve Bank of India (RBI). The overall reserves had dropped by $571 million to $563.5 billion in the previous reporting week, halting a five-week trend of an increase in the kitty.

The country’s foreign exchange reserves in October 2021 reached an all-time high of $645 billion. The reserves had been declining as the central bank deployed the reserve to defend the rupee amid pressures caused majorly by global developments.

Foreign currency assets (FCA), a major component of the overall reserves, decreased by $1.134 billion to $498.49 billion during the week to December 23, according to the Weekly Statistical Supplement released by the RBI.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves increased by USD 390 million to USD 40.969 billion, it said.

The Special Drawing Rights (SDRs) were up by USD 8 million to USD 18.19 billion, the apex bank said.

The country’s reserve position with the International Monetary Fund (IMF) was up by USD 45 million to USD 5.159 billion in the reporting week, the data showed.

(With Inputs From PTI)

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