India’s forex reserves rose by $32.9 bn on BoP basis in April-Dec. 23

India’s foreign exchange reserves increased by $32.9 billion during April-December 2023, on a balance of payments basis (excluding valuation effects), as against a depletion of $14.7 billion during the year-earlier period, data released by the Reserve Bank of India (RBI) showed.

Foreign exchange reserves in nominal terms, including valuation effects, increased by $44.0 billion during April-December 2023, as against a decrease of $44.6 billion in the same period of the preceding year.  The valuation gain, reflecting the depreciation of the U.S. dollar against major currencies, lower bond yields and higher price of gold, amounted to $11.1 billion during April-December 2023 as against a valuation loss of $29.9 billion a year earlier.