Indias forex reserves touched a six-months high, up by $1.727 billion- Economists explain why
Indian forex reserves have been declining till November 2022, as the central bank deployed the reserves to defend the rupee amid pressures caused majorly due to global economic issues.
The foreign exchange reserves of India touched an all-time high in the last six months for the week ending on January 20, 2023. The total forex reserves stood at USD 573.7 billion on January 20, shows the recent data released by the Reserve Bank of India (RBI) on January 27
The country's forex saw an overall all-time high In October 2021 -- level of USD 645 billion. The reserve has been steadily declining since January 2022 and plunged to the lowest in 2022 for the week ending on October 21, 2022. The forex reserve touched USD 524.5 USD billion in the month of October.
sudden fall in the forex reserves for the week ending January 6, again raised eyebrows. However, Indian economy managed to revive and in the next week, the reserves started showing an upward trend.
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