India’s forex reserves fall to $528 bn; RBI intervention costs $114 bn.
- The Reserve Bank of India reported Friday that India’s foreign exchange reserves fell $4.50 billion to $528.37 billion for the week ending October 14.
- The central bank lost $114 billion from rupee depreciation intervention.
- Spot forex reserves dropped from $607 billion in end-March to $114.08 billion from $642.453 billion on September 3.
- Gold reserves increased by $204 million in the week ending October 7, boosting forex reserves for the first time in 10 weeks. The week ending September 30 saw $532.66 billion in foreign exchange reserves, the lowest since July 2020.
- According to the RBI’s Weekly Statistical Supplement, Foreign Currency Assets (FCA), a major component of foreign exchange reserves, fell.