India's forex reserves plunge by $ 8.134 billion to $ 537.518 billion

Mumbai, September 30, 2022

Maintaining a downtrend for the eighth consecutive week, India's foreign exchange reserves plunged by $ 8.134 billion to $ 537.518 billion during the week ended September 23, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had fallen by $ 5.219 billion to $ 545.652 billion during the previous week.

In its weekly statistical supplement, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had dipped by $ 7.688 billion to $ 477.212 billion during the week.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.

According to the bulletin, the country’s gold reserves went down by $ 300 million to $ 37.886 billion while its special drawing rights (SDRs) fell by $ 93 million to $ 17.594 billion during the week.

India's reserve position in the International Monetary Fund (IMF) decreased by $ 54 million to $ 4.826 billion during the week, the bulletin added.

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