India’s forex reserves fall for the ninth week to reach $532.66 billion

Foreign Exchange Reserves: There is a continuous decline in the foreign exchange reserves of the country. According to the data released by the Reserve Bank of India (RBI), India’s foreign exchange reserves have fallen for the ninth consecutive week at $ 532.66 billion, which is about $ 4.854 billion less than the previous week.

The foreign exchange reserves are its lowest level in the last 2 years (after 24 July 2020). These figures are for the week ended 30 September. This information has been received from the data released by RBI on Friday, 7 October. In the last week ended September 23, the country’s foreign exchange reserves stood at $ 537.52 billion.

main reason for the decline
One of the main reasons behind the fall in foreign exchange reserves was the inflow of foreign currency assets (FCA), which stood at $ 472.81 billion in the week ended September 30. In its last week, FCA was $ 477.21 billion. Apart from this, gold assets declined to $ 37.61 billion for the week ended September 30, from $ 37.89 billion in the previous week.

decreased foreign exchange reserves
RBI has sold US dollars in recent weeks to curb volatility in Indian money against the dollar, which has also reduced forex reserves. The Indian rupee fell to Rs 82.43 against the US dollar on Friday, October 7. The Indian rupee has depreciated 9 percent since the beginning of the year 2022. The rupee has weakened this year due to Russia’s invasion of Ukraine and aggressive rate hikes by global central banks to check inflation.

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