India's forex reserves contract to $563.499 billion from $563.49 billion

Mumbai/IBNS: India’s forex reserve contracted for the second consecutive week to $562.81 billion as on December 23, 2022, from $563.499 billion owing to the sharp rise in the cost of imported goods Reserve Bank of India (RBI) said on Friday.

IBNS • 30 Dec 2022, 09:30 pm

The foreign currency assets (FCA) stood at $498.5 billion.

FCA, including non-US units like the euro, pound and yen held in the foreign exchange reserves, is a major component of the overall reserves.

Expressed in dollar terms, it reflects the effect of appreciation or depreciation held in the forex reserves.

The gold reserves stood at $40.97 billion. The SDR is at $18.2 billion.

The reserve position at the IMF is at $5.2 billion.

At the beginning of 2022, the overall forex reserves were at $633.61 billion and slid to a two-year low in October.