India’s forex reserves declined by $28.05 billion to $607.31 billion at the end of March this year from $635.36 billion at the end of September 2021. This information has been received from the semi-annual report released by the Reserve Bank of India on the management of foreign exchange reserves.

These reports are issued every six months. These are prepared with reference to the situation at the end of March and September every year. This is the 38th report, which has been released with reference to the situation at the end of March 2022. “During the half-yearly period under review, reserves stood at US$ 635.36 billion at the end of September 2021, which declined to US$ 607.31 billion at the end of March 2022,” the report released on Thursday said.

RBI’s net forward assets in the domestic foreign exchange market stood at US$ 65.79 billion at the end of March 2022. The cover of foreign exchange reserves imports at the end of December 2021 decreased from 14.6 months at the end of September 2021 to 13.1 months.

The report said that as of the end of March 2022, RBI had 760.42 metric tonnes of gold (including 11.08 metric tonnes of gold deposits). At the same time, 453.52 metric tonnes of gold has been kept safe with the Bank of England and Bank for International Settlements. 295.82 MT of gold has been kept domestically. PLC&GT

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