India's Forex Reserves In CY2022 Record Steepest Fall In 10 Years

India's foreign exchange (forex) reserves dropped by $2.234 billion to $550.871 billion for the week ended September 9, the lowest level in two years, the Reserve Bank of India (RBI) data showed. India's forex reserves have dropped by almost $80 billion since this escalation of the Russia-Ukraine tensions into war earlier this year. This depletion, compared to the past 10 years, is likely the steepest India has ever witnessed. As per the Reserve Bank of India's weekly statistical supplement, foreign currency assets, which are the biggest component of the forex reserves, dipped by $2.519 billion to $489.598 billion during the week ended September 9. The value of gold reserves rose by $340 million to $38.644 billion during the week ended September 9. The value of India's Special Drawing Rights (SDRs) with the International Monetary Fund declined by $63 million to $17.719 billion during the week under review, the RBI data showed. India's reserve position in the International Monetary Fund (IMF) increased by $8 million to $4.910 billion during the week ended September 9, as per the RBI Weekly Statistical Supplement.

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