Forex Reserves at $562.9 bn; Fall by $70 bn in 2022
9th Jan 2023
Myonlineprep
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Forex Reserves at $562.9 bn; Fall by $70 bn in 2022
- India’s foreign exchange reserves fell by $70.1 billion in 2022, data released by the Reserve Bank of India (RBI) shows. The forex reserves stood at $562.9 billion in the week ended December 30.
- The decline in the forex reserves is partly due to the RBI intervention in the currency markets to stave off volatility and partly on account of the depreciation of other major currencies held by the central bank.
- The RBI net sold $33.42 billion till September, Union finance minister Nirmala Sitharaman said.
- The RBI holds major currencies including pound sterling, yen and euro in its reserves, which are expressed in US dollar terms.
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