The Reserve Bank of India’s foreign exchange reserves rose $44 million on week to $562.9 billion as of December 30, data by the central bank showed. Reserves rose marginally, led largely by an increase in the gold reserves by $354 million to $41.3 billion.

On the other hand, foreign currency assets fell $302 million during the week to end 2022 at $498.2 billion.

In FY23 so far, forex reserves have declined by $44.5 billion whereas for the whole of 2022, reserves are lower by $70.8 billion.

Forex reserves had touched a high $642.5 billion in September of 2021, falling to around $631.5 billion towards the end of February 2022, when the Ukraine-Russia war started.

Last month, RBI had said that FX reserves of $564.1 billion as on December 9 are equivalent to 9.2 months worth of imports, lower than the projected 15 months of imports at the peak levels.