India’s Forex Reserves Record Lowest Level Since July 2020

This is the ninth straight weekly drop and the lowest since July 24, 2020. The decline was due to a dip in foreign currency assets which decreased to $472.81 billion from $477.21 in the previous week

Outlook Business Team

Updated on: 8 October 2022 2:43 pm

India's foreign exchange reserves fell by $4.8 billion to $532.6 billion for the week ended September 30, Reserve Bank of India data showed.

This is the ninth straight weekly drop and the lowest since July 24, 2020. The decline was due to a dip in foreign currency assets which decreased to $472.81 billion from $477.21 in the previous week.

The fall is partly due to depreciation of RBI's holdings of other major global currencies.

Follow our WhatsApp channel

The forex reserves stood at $532.664 billion at the end of the reporting week.

The forex reserves stood at $537.52 billion in the prior week ending September 23, down by more than $8 billion.

The rupee, on October 7, hit a record low of 82.43 against the dollar and has depreciated more than 9 percent in 2022 so far following the Russia-Ukraine war and fears of recession.