At $623 billion, forex reserves touch 11-month low
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Forex reserves including gold and SDR contracted by $ 1.9 billion during the week ended due to a combination of revaluation of non dollar assets and dollar sales by the central bank to meet the dollar demand as portfolio investors chose to pull out from Indian markets.
While foreign currency assets dipped $ 2.9 billion, the value of gold in reserves rose $ I billion during the week. Gold has been holding up the value of foreign exchange reserves this fiscal as foreign currency assets have been falling either due to revaluation of non-dollar assets or dollar sales by the central bank.
The last time that the reserves had touched lower than the current levels was ion February 23, 2024, when reserves were at $619 billion.
India’s foreign exchange reserves dipped $ 82 billion cumulatively since it touched a peak of $705 billion on September 27, 2024.
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