The Reserve Bank of Indias foreign exchange reserves rose by $44 million to $562.85 billion in the week ended December 30, most current central bank information revealed. The marginal rise in the RBIs reserves in the week passed was due to a rise in the central banks gold reserves which rose $354 million to $41.32 billion, the information showed. The RBIs foreign currency assets decreased $302 million to $498.19 billion in the week ended December 30.

Throughout the previous week, the rupee valued by a limited 0.2 percent versus the dollar. For 2022 as a whole, the Indian unit shed a bit more than 10 per cent against the greenback amidst worldwide threat aversion sparked by the Ukraine war and the US Federal Reserves aggressive financial tightening up. While the rupee compromised versus the US currency, the extent of devaluation wasnt as much as lots of other currencies, partly due to the RBI selling dollars from its reserves. As on February 25, 2022, which was around the time that Russia invaded Ukraine, RBIs foreign exchange reserves stood at $631.53 billion. The RBI stated last month that forex reserves worth $564.1 billion as on December 9 accounted for 9.2 months of imports projected for the existing financial year.

The level of reserves in September 2021 had actually accounted for near to 15 months of imports.