India's forex reserves fall $4.5 billion, worst weekly drop in a year

The country’s foreign exchange reserves fell sharply during the week ended January 28, 2022 due to revaluation among foreign currency assets.
 

According to the latest Reserve Bank of India (RBI) data, total reserves fell by $4.5 billion during the week mainly due to fall in foreign currency assets of $3.5 billion. Gold reserves fell by 844 million during the week. As at end-September 2021, the RBI held 743.84 metric tonnes of gold. While 451.54 metric tonnes of gold is held overseas with the Bank of England and the Bank for International Settlements (BIS), 292.3 tonnes of gold is held domestically.
 

This is the steepest drop in