India’s Forex Reserve Drops to Lowest Level in Last Two Years

New Delhi: India’s foreign exchange reserves (forex) fell $4.854 billion to $532.664 billion for the week ended September 30, the lowest level since July 2020, when the Reserve Bank of India (RBI) used its pot to defend the rupee, which record lows.

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This is the lowest level of India’s forex reserves since July 24, 2020. Forex reserves had fallen $8.134 billion in the week ending September 23, 2022, the previous reporting week. According to the Reserve Bank of India’s weekly statistical supplement, foreign currency assets, which are the largest component of forex reserves, fell $4.406 billion to $472.807 billion during the week ending Sept. 30.

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Expressed in US dollars, foreign currency assets include the effect of appreciation or depreciation of non-dollar currencies such as the euro, British pound sterling and Japanese yen held in foreign exchange reserves.

The value of gold reserves fell $281 million to $37.605 billion in the week ended Sept. 30. RBI data showed.

However, India’s reserve position in the International Monetary Fund (IMF) remained unchanged at $4.826 billion during the week ended Sept. 30, according to the RBI Weekly Statistical Supplement.

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