India’s forex reserves drop by $2.23bn, hit lowest level in 2 years – Times of India


MUMBAI: India’s overseas change (foreign exchange) reserves dropped by $2.234 billion to $550.871 billion for the week ended September 9, the bottom degree in two years, the Reserve Financial institution of India (RBI) information confirmed.
That is the sixth weekly fall within the nation’s foreign exchange reserves. The foreign exchange reserves had dropped by $7.941 billion throughout the week ended September 2.
India’s foreign exchange reserves have dropped by nearly $80 billion for the reason that Russia-Ukraine conflict earlier this yr.
As per the Reserve Financial institution of India’s weekly statistical complement, overseas foreign money belongings, that are the largest element of the foreign exchange reserves, dipped by $2.519 billion to $489.598 billion throughout the week ended September 9. The overseas foreign money belongings had declined by $6.527 billion within the earlier week.
Expressed in US greenback phrases, the overseas foreign money belongings embody the impact of appreciation or depreciation of non-dollar currencies like Euro, UK’s Pound Sterling and Japanese Yen held within the overseas change reserves.
The worth of gold reserves rose by $340 million to $38.644 billion throughout the week ended September 9. The worth of gold reserves had declined by $1.339 billion within the earlier week.
The worth of India’s Particular Drawing Rights (SDRs) with the Worldwide Financial Fund declined by $63 million to $17.719 billion throughout the week below overview, the RBI information confirmed.
India’s reserve place within the Worldwide Financial Fund (IMF) elevated by $8 million to $4.910 billion throughout the week ended September 9, as per the RBI Weekly Statistical Complement.


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