Mumbai, Sept 17 – According to data from the Reserve Bank of India (RBI), India’s foreign exchange reserves fell by $2.234 billion to $550.871 billion for the week ending September 9, the lowest level in two years.
The nation’s currency reserves have dropped for the sixth consecutive week. The week ended September 2 saw a $7.941 billion decline in foreign exchange reserves.
Since the conflict between Russia and Ukraine earlier this year, India’s foreign exchange reserves have decreased by around $80 billion.
According to the Reserve Bank of India’s weekly statistics supplement, the most significant component of foreign exchange reserves, international forex assets, fell by $2.519 billion to $489.598 billion during the week ended September 9. In the previous week, there had been a $6.527 billion fall in the global forex assets.
The impact of the appreciation or depreciation of non-dollar currencies held in international alternative reserves, such as the Euro, British Pound Sterling, and Japanese Yen, is included in the international forex assets, which are expressed in US dollar terms.
During the week ending September 9, gold reserves increased by $340 million to $38.644 billion. In the previous week, gold reserves lost $1.339 billion in value.
According to information from the RBI, the value of India’s Special Drawing Rights (SDRs) with the IMF decreased by $63 million to $17.719 billion over the course of the week.
According to the RBI Weekly Statistical Supplement, India’s reserve position at the International Monetary Fund (IMF) increased by $8 million to $4.910 billion over the course of the week ending September 9.