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Forex Reserve of India
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- India’s foreign exchange reserves fell by $6.69 billion to $564 billion for the week ended August 19.
- According to data released by the RBI, the fall was mainly due to a decline in foreign currency assets, by $5.8 billion, followed by gold reserves by $704 million.
- The reserves are at its lowest level since October 2020.
- Foreign exchange reserves hit an all-time high for the week ended September 3, 2021 when it hit $642 billion.
- It was equivalent to covering more than 14 months of imports projected for 2021-22.
- The current level of reserves can cover about 9 months of imports projected for 2022-23.
- India’s forex reserves are the fourth largest globally after China, Swiss and Japan.
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