Country's foreign exchange reserves decreased by 2.8 billion dollars, RBI released weekly figures

India's foreign exchange reserves decreased by US$2.795 billion to US$616.143 billion in the week ending January 19, 2023, according to the Reserve Bank of India's most recent data. The central bank's weekly data shows that during the week under review, foreign exchange reserves—which make up the majority of foreign capital reserves—dropped by $ 2.653 billion to $545.855 billion.

The week saw a $34 million decrease in gold reserves, reaching $47.212 billion. About USD 58 billion was added to the RBI's foreign exchange reserves in 2023.

India's foreign exchange reserves were predicted to drop by a total of USD 71 billion by 2022. The assets that a nation's central bank or monetary authority possesses are known as foreign exchange or forex reserves. Typically, reserve currencies take this form, with the US dollar being the most common. The euro, Japanese yen, and pound sterling are also used occasionally. The nation's foreign exchange reserves reached a record high of almost USD 645 billion in October 2021.