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India’s foreign exchange reserves fall by $2.23 billion, hitting 2-year low

MUMBAI: India’s foreign exchange (forex) reserves fell by $2.234 billion to $550,871 billion in the week ended September 9, the lowest level in two years, Reserve Bank of India (RBI) data shows. see.
This is the sixth weekly drop in the country’s foreign exchange reserves. Foreign exchange reserves fell by $7.941 billion in the week ending September 2.
India’s foreign exchange reserves have fallen by nearly $80 billion since the Russia-Ukraine war earlier this year.
According to the Reserve Bank of India’s weekly statistical supplement, foreign currency assets, the largest component of foreign exchange reserves, fell by $2.519 billion to $489.598 billion in the week ended September 9. Foreign currency assets fell by $6.527 billion last week.
Expressed in US dollars, foreign currency assets include the impact on the price or depreciation of non-dollar currencies such as the Euro, British Pound Sterling and Japanese Yen held in foreign exchange reserves.
The value of gold reserves increased by $340 million to $38,644 billion in the week ending September 9. The value of gold reserves fell by $1.339 billion last week.
RBI data shows that the value of India’s Special Drawing Rights (SDRs) with the International Monetary Fund fell by $63 million to $17.719 billion in the week under review.
India’s reserve position in the International Monetary Fund (IMF) increased by $8 million to $4.910 billion in the week ended September 9, according to the RBI Weekly Statistical Supplement.

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