India’s forex drop by $1.087 bn to $529.994 billion: RBI data

Earlier the central bank had said that India’s forex reserves jumped by $6.561 billion to $531.081 billion in the week ending 28 October, 2022. This was the biggest biggest weekly jump in a year.

India’s forex kitty had reached an all-time high of $645 billion in October 2021.

The country’s reserves have been on the declining spree with the central bank deploying the kitty to defend the rupee amid pressures caused by global developments.

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According to the Weekly Statistical Supplement released by the RBI, the foreign currency assets (FCA), a major component of the overall reserves, decreased by $120 million to $470.727 billion during the week to 4 November.

Also, the gold reserves dropped by $705 million to $37.057 billion and the Special Drawing Rights (SDRs) were down by $235 million to $17.39 billion, it said.

The country’s reserve position with the International Monetary Fund (IMF) also dipped by $27 million to $4.82 billion in the reporting week, the apex bank data showed.

On Friday, the Indian rupee surged rose to two-month high of 80.80 per dollar, compared to its previous close of 81.80. This is also rupee’s biggest intraday percentage gain since December 2018, according to Reuters.

With PTI inputs.