Indian Forex reserves at $562.85 billion, fell by $70 billion in 2022

India’s foreign exchange (forex) reserves jumped $44 million to $562.85 billion in the last week ended December 30, according to the latest RBI data.

However, the data showed that during the whole year 2022, the country’s forex reserves declined by $70.1 billion.

The forex reserves during 2022 saw a decline due to the RBI intervention in the currency market to control the volatility and bolster the rupee. The RBI net sold $33.42 billion till September, Union finance minister Nirmala Sitharaman had said in the Lok Sabha earlier.

In October 2021, the country’s foreign exchange kitty had reached an all-time high of $645 billion.

According to the RBI data, the central bank’s gold reserves rose $354 million to $41.32 billion during the week ended December 30. Its foreign currency assets declined $302 million to $498.19 billion in the week ended December 30.

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