India's Forex Reserves Fall By $1.268 Billion In First Week Of 2023

Image
Capital Market
Last Updated : Jan 16 2023 | 10:04 AM IST
India's foreign exchange reserves fell by USD 1.268 billion to USD 561.583 billion in the week ending on January 6, Reserve Bank of India's Bulletin Weekly Statistical Supplement data showed. According to RBI's latest data, India's foreign currency assets, the biggest component of the forex reserves, declined by USD 1.747 billion to USD 496,441 billion. At the start of 2022, the overall forex reserves were at about USD 633 billion.

Gold reserves, however, rose by USD 461 million to USD 41.784 billion. In October 2021, the country's foreign exchange reserves reportedly touched an all-time high of about USD 645 billion. The forex reserves had been intermittently falling for months now largely because of the RBI's intervention in the market to defend the depreciating rupee against a surging US dollar.

Powered by Capital Market - Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

Smart Quarterly

₹900

3 Months

₹300/Months/month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Months/month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Unlimited access to all articles

  • 30+ premium stories daily, handpicked by our editor

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio

  • Wirecutter & The Athletic

Complimentary Access to Our e-Paper

  • Digital replica of our daily newspaper

  • Read, save, share any article

Curated Newsletters on Diverse Topics

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Smart Investment Tips

  • In-depth stock analysis & insights

  • The Smart Investor for wealth growth tips

Access to Extensive Historical Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading Experience

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Repository of articles and publications dating back to 1997

More From This Section

Gold price in Delhi today is ₹ 84,470, Click Here for other cities. Silver price in Delhi today is ₹ 84,470, Click Here for other cities.

First Published: Jan 16 2023 | 9:52 AM IST

Subscribe to read without limits
Subscribe Now
Next Story