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Forex reserves decreased by USD 7.5 billion to USD 572.7 billion

The Reserve Bank of India (RBI) most recent data shows that during the ending week of  July 15, India’s foreign exchange reserves decreased by $7.5 billion to $572.7 billion. The reserves have dropped to their lowest level in 20 months, or since November 6, 2020, when they were $568 billion.The report showed that foreign currency assets, which decreased by $6.5 billion over the week, were the main cause of the reduction in foreign exchange reserves.

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Key Points:

  • Shaktikanta Das, governor of the RBI, stated that the existing level of foreign exchange reserves is sufficient.
  • According to the July RBI report, the foreign exchange reserves at $580.3 billion on July 8, 2022, were sufficient to cover 9.5 months’ worth of anticipated imports for the years 2022–2033.

About Forex Reserve:

  • In 2022, reserves decreased by nearly $60 billion, primarily as a result of the central bank’s active intervention to reduce the market’s extreme volatility.
  • Since the conflict broke out in Europe in late February, the rupee has been under pressure. The Indian rupee has lost about 7% of its value compared to the dollar in 2022.
  • The amount of foreign exchange reserves has decreased by almost $70 billion since September 2021.

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