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India's forex reserves hit lowest level in two years, drop by $2.23 bn

By Shgun S -- September 17, 2022 2:29 pm -- Updated:September 17, 2022 2:29 pm

Mumbai (Maharashtra), September 17: India's foreign exchange (forex) reserves fell by $2.234 billion to $550.871 billion for the week ended September 9, the lowest level in two years, the data released by the Reserve Bank of India (RBI) showed.

This is the country's sixth weekly decline in foreign reserves. During the week ending September 2, Foreign exchange reserves fell by $7.941 billion. Since the escalation of Russia-Ukraine tensions into war earlier this year, India's foreign reserves have fallen by about $80 billion.

According to the Reserve Bank of India's weekly statistical supplement, foreign currency assets, the largest component of forex reserves, fell by $2.519 billion during the week ended September 9 to $489.598 billion. In the previous week, foreign currency assets dropped by $6.527 billion.

Foreign currency assets, expressed in US dollars, 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.

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During the week ending September 9, the value of gold reserves increased by $340 million to $38.644 billion. In the previous week, the value of gold reserves plummeted by $1.339 billion.

The value of India's Special Drawing Rights (SDRs) with the International Monetary Fund fell by $63 million during the week under review, to $17.719 billion, according to RBI data.

According to the RBI Weekly Statistical Supplement, India's reserve position at the International Monetary Fund (IMF) rose by $8 million to $4.910 billion during the week ending September 9.

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