Forex Reserves at $562.9 bn; Fall by $70 bn in 2022

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Indias Foreign Exchange reservesfell by $70.1 billion in 2022, data released by theReserve Bank Of India (RBI)shows. The forex reserves stood at $562.9 billion in the week ended December 30. The decline in theforex reservesis partly due to theRBIinterventionin the currency markets to stave off volatility and partly on account of depreciation of

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other major currencies held by the central bank. The RBI net sold $33.42 billion till September,Union finance minister Nirmala Sitharamansaid. The RBI holds major currencies includingpound sterling, yen and euroin its reserves, which are expressed in US dollar terms.