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India Forex Reserves: India’s foreign exchange reserves decreased by $ 571 million to $ 563.5 billion


India Forex Reserves 2022: A decrease is being seen in India’s foreign exchange reserves. According to the data released from RBI on Friday, in the week ending December 16, 2022, foreign exchange reserves have come down by $ 571 million to $ 563.5 billion. In the previous week, it had increased by $ 2.91 billion to $ 564.1 billion.

Fall after rising for 5 weeks

According to RBI, after increasing for 5 consecutive weeks, India’s forex kitty has declined by USD 571 million to USD 563.5 billion for the week ended December 16. In the previous week under review, total reserves had increased by US$ 2.91 billion to US$ 564.06 billion, marking the 5th straight week of increase in the kitty after a prolonged decline.

There is a decline in reserves

In October 2021, the country’s foreign exchange reserves were to reach an all-time high of USD 645 billion. Reserves were declining as the central bank deployed reserves to protect the rupee amid pressure mainly due to global developments.

how was the gold reserves

Gold reserves have decreased by $ 150 million to $ 40.579 billion. Special Drawing Rights (SDR) increased by $75 million to $18.181 billion. Data shows that the country’s reserve position with the International Monetary Fund (IMF) also increased by $4 million to $5.114 billion in the week under review.

India has the largest reserves

It is known that earlier, referring to the report of the World Bank, Finance Minister Nirmala Sitharaman had said that India has the largest foreign exchange reserves in the world. He said that this is enough to deal with any global crisis. He said that if we look at the reasons for the huge increase in India’s foreign exchange reserves, it is believed that RBI has done a tremendous purchase of dollars in recent times. At the same time, in October 2021, the foreign exchange reserves were $ 645 billion, but to save the rupee from falling, the RBI has been selling dollars.

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