Forex Reserves See Valuation Loss of US$17.7 Billion During April-September 2023

Published on Dec 27, 2023 14:52

According to a latest update from the Reserve Bank of India (RBI), on a balance of payments basis (i.e., excluding valuation effects) foreign exchange reserves increased by US$ 27.0 billion during April-September 2023 as against a depletion of US$ 25.8 billion during April-September 2022. Foreign exchange reserves in nominal terms (including valuation effects) increased by US$ 9.3 billion during April-September 2023 as against a decrease of US$ 74.6 billion in the corresponding period of the preceding year. The valuation loss, reflecting the appreciation of the US dollar against major currencies and higher bond yields, amounted to US$ 17.7 billion during April-September 2023 as compared with a valuation loss of US$ 48.9 billion during April-September 2022.