India’s Foreign Exchange Reserves Shrinks By $5B

India's Forex Reserve

India’s forex reserves shrunk in the past week by a whooping $5b and is now estimated to be $588b.

Following RBI’s intervention to curb the rupee’s depreciation, India’s forex reserve experienced a severe setback as it shrunk, reverting to a low, which it last reached on April 30, 2021. This dip came mainly from foreign currency assets (FCA) dropping by $4.471 billion.

The FCA comprises multi-currency assets that are held in multi-asset portfolios. Two of the other three components of the reserves declined: gold (by $504 million) and special drawing rights ($77 million). On the other hand, the reserve position in the IMF was up $44 million.

So far, in 2022, the reserves have dwindled by $21.698 billion.

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