India’s forex reserves drop to $656.58 bn as of November 22

India’s forex reserves drop to 6.58 bn as of November 22

India’s foreign exchange reserves dropped by $1.31 billion to $656.58 billion for the week ended November 22, according to data released by the Reserve Bank of India (RBI) on Friday. This follows a record $17.761 billion decline in the previous week, taking the reserves to $657.89 billion.

The reserves have been declining steadily since hitting an all-time high of $704.885 billion in late September, coinciding with pressures on the rupee. Foreign currency assets, the largest component of reserves, fell by $3.043 billion to $566.791 billion during the week. These assets are affected by the valuation of non-US currencies like the euro, pound, and yen.

However, gold reserves rose by $1.828 billion to $67.573 billion. The Special Drawing Rights (SDRs) slipped by $79 million to $17.985 billion, while India’s reserve position with the IMF fell by $15 million to $4.232 billion.

Also read: India’s Q2 GDP growth slows to a shocking 5.4%, lowest since Q3 FY23

Separately, India’s economic growth slowed to a two-year low of 5.4% in the July-September quarter of FY25, dragged by weak performance in the manufacturing and mining sectors. Despite this, India retained its status as the fastest-growing large economy, ahead of China, which recorded 4.6% GDP growth during the same period.

This marks a significant slowdown from the 8.1% growth seen in the corresponding quarter last year. The previous low was 4.3% in Q3 of FY23.

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