India's foreign exchange reserves drop $7.5 billion to $572.7 billion

Foreign exchange reserves depleted around $70 billion from its peak in September 2021

India’s foreign exchange reserves dropped $7.5 billion to $572.7 billion during the week ended July 15, the latest data released by the Reserve Bank of India (RBI) showed. The reserves are now at 20-month low, lowest since November 6, 2020, when they were at $568 billion.

The decline in foreign exchange reserves during the week is mainly due to foreign currency assets that were down $6.5 billion, the data showed.

Reserves have fallen about $60 billion in 2022, which was mainly due to aggressive intervention by the central bank to curb the sharp volatility in the foreign exchange market. The