India’s forex reserves slide to $600.42 billion

India’s foreign exchange (forex) reserves dipped by $3.27 billion to $600.42 billion for the week ended April 22, registering the seventh straight week of fall, as the Reserve Bank of India (RBI) appears to keep selling dollars to prevent a slide in the value of rupee amid the ongoing Russia-Ukraine conflict.
According to the RBI’s weekly statistical supplement, India’s forex reserves slumped by $3.271 billion to $600.423 billion for the week ended April 22.

The forex reserves had declined by $311 million in the previous week.

This is the seventh straight week of fall in the country’s forex reserves.

India’s forex reserves have fallen sharply after touching an all-time high of $642.453 billion on September 3, 2021.

All components of the forex reserves declined during the week under review.

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