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

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.

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