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India’s foreign exchange reserves decline by $74.65 billion

Mumbai: The foreign exchange reserves of the country slipped down by $74.65 billion during March 31 and September 30 period this year. The forex reserves declined to $532.66 billion.

‘The Foreign Exchange Reserves of India stood at $607.31 billion as on March 31, 2022. They declined by $74.65 billion to $532.66 billion as on September 30, 2022,’ said Minister of State, Finance, Pankaj Chaudhary in a written reply in the Lok Sabha.

Also Read: Retail inflation in India fell to an 11-month low in November 

The decline in foreign exchange reserves was mainly due to the revaluation of foreign currency assets to reflect prevailing global market conditions and on account of market intervention operations of the Reserve Bank of India to smoothen exchange rate volatility.

Meanwhile, the weekly statistical supplement released by the Reserve Bank of India’s (RBI) revealed that the forex reserves surged for the third straight week. As per the RBI data, the forex reserves rose to $550.14 billion in the week through Nov. 25. For the week ended November 18, the country’s reserves were at $547.25 billion.

The foreign exchange reserves of the country comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the country’s reserve position with the International Monetary Fund (IMF). FCA is the largest component of the forex reserves. It includes the effect of appreciation or depreciation of non-US currencies like the euro, pound, and yen held in the foreign exchange reserves.

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