Statsguru: Six charts show India's declining foreign exchange reserves

RBI has scheduled an off-cycle meeting for November 3

On Friday, data released by the Reserve Bank of India (RBI) showed that India’s foreign exchange reserves further declined by $3.8 billion. The country’s foreign exchange reserves have fallen by $108.2 billion to $524.5 billion since the beginning of the year (chart 1). However, India is not the only country to witness a decline in foreign exchange reserves. A Business Standard analysis shows that until September-end, forex reserves for Bangladesh and Vietnam had declined more than India’s. Among the BRICS economies (excluding Russia), India suffered the maximum decline in forex reserves (chart 2). 

The rupee has depreciated 11 per cent