India’s forex reserves fall by $2.39 billion to $560 billion

India’s forex reserves declined by $2.39 billion to $560 billion as of March 10, 2023, according to the data released by the Reserve Bank of India (RBI) on Friday, March 17, 2023.

Last week, India’s exchange reserves rose for the first time after a consecutive decline for four weeks.

The exchange reserves recovered last week and stood at $562.40 billion as of the week ended March 3, 2023. This recovery was the first increase after a total decline of $15.8 billion in preceding four weeks.

India's forex reserves reached an all-time high of $645 billion in October 2021.

India's foreign currency assets (FCA), which includes the impact of non-US currencies such as the euro, pound, and yen, dropped by 2.2 billion to $494.86 billion.