According to the Indian banks, the forex reserves have decreased by up to $5.69 billion bringing the total to $634.58 billion. In the previous week ending on the 27th of January, the $5.69 billion dip was seen and the reserves had dropped to $640.27 billion too. India seems to be following a trend and the Central bank seems to constantly intervene in the foreign exchange market to gain control and remove the decline. The maximum amount reserves was recorded as $704.885 billion, showcasing a record high in the end of September 2022.

As for the week ending on the 27th of November, the reports indicate that India’s foreign currency dropped by $66.441 billion to $545.48 billion.

To regulate out the non-dollar currencies such as yen and pound, these articles adopt ‘effective exchange rates’.

Gold reserves also saw a rise, showing an increase of $824 million, bringing the total to $67.092. Similarly Special Drawing Rights (SDRs) saw a drop, reducing $58 million and ultimately sitting at $17.815 billion.

The Reserve Bank of India report mentions India’s reserve position with the IMF as $4.199 billion which is a reduction of $18 million during the week under review.