India’s Forex Reserves Dip, RBI Reports $462 Million Decrease

Mumbai, 18th November 2023 – The Reserve Bank of India (RBI) has released the latest data revealing a decline in India’s foreign exchange reserves in the week ending November 10. The forex reserves dropped by US $462 million to reach US $590.321 billion during this period. In contrast, the previous week, ending November 3, witnessed an increase in India’s foreign exchange reserves, rising by US $4.672 billion to reach US $590.783 billion.

In October 2021, India held its highest foreign exchange reserves at US $645 billion. However, the RBI utilized these reserves to curb the depreciation of the rupee. The central bank reported a decrease in gold reserves by US $608 million, settling at US $45.515 billion in the week under review.

On a positive note, special drawing rights (SDRs) observed an increase by US $36 million, reaching US $18.011 billion. Additionally, India’s reserve position with the International Monetary Fund (IMF) grew by US $3 million, standing at US $4.791 billion in the reported week.