india: India’s forex reserves drop $5.2 billion to $545.652 billion, as of September 16

India‘s foreign exchange reserves got poorer by another $5.2 billion in the week to September 16, a week before the synchronized monetary tightening by major global central banks following the US Fed‘s 75 basis points rate hike.

The reserves stood at $545.652 billion, according to Reserve Bank of India‘s latest weekly statistical supplement.

Following the monetary tightening across the globe, the dollar rallied to a 20-year high. RBI‘s action back home to prevent sharp depreciation of the rupee may lead to further fall in reserves, forex market participants said.

Out of the current reserves, foreign currency assets stood at $484.901 billion while reserves held in gold were valued at $38.186 billion. The balance is kept with the International Monetary Fund as special drawing rights and reserves.

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