India's foreign exchange reserves at lowest level since July 2020

The Reserve Bank of India’s (RBI’s) foreign exchange reserves declined $4.5 billion to $528.37 billion in the week ended October 14, the latest central bank data showed. The current level of reserves is the lowest since July 24, 2020.

The fall in foreign exchange reserves was primarily on account of a decline in the RBI’s foreign currency assets that fell $2.8 billion on-week to $468.87 billion. The central bank’s holdings of gold declined $1.5 billion to $37.45 billion in the week ended October 14.

“India’s forex reserves declined to the weakest level since July 24, 2020, amid the central bank’s