Statsguru: Six charts show India's declining foreign exchange reserves

RBI has scheduled an off-cycle meeting for November 3

Ishaan Gera
Last Updated at October 30, 2022 21:08 IST

Statsguru: Six charts show India’s declining foreign exchange reserves

The rupee has depreciated 11 per cent against the US dollar since the beginning of the year. In January, the currency was trading at 74.26 against the dollar

On Friday, data released by the Reserve Bank of India (RBI) showed that India’s foreign exchange reserves further declined by $3.8 billion. The country’s foreign exchange reserves have fallen by $108.2 billion to $524.5 billion since the beginning of the year (chart 1). However, India is not the only country to witness a decline in foreign exchange reserves. A Business Standard analysis shows that until September-end, forex reserves for Bangladesh and Vietnam had declined more than India’s. Among the BRICS economies (excluding Russia), India suffered the maximum decline in forex reserves (chart 2).

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