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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