Forex reserves fall by $691 million to $562.808 billion as of Dec 23

India's foreign exchange reserves fell by $691 million to $562.808 billion as on December 23, according to RBI data released on Friday.

Prior to this week, the forex reserves had slipped by $571 million to $563.499 billion. Forex reserves have been falling, as they are being used to bolster the declining rupee.

The country's reserve position with the International Monetary Fund (IMF) was up by $45 million to $5.159 billion in the reporting week, the data showed.

Meanwhile, foreign currency assets also fell by $1.134 billion to $498.49 billion during the week ending December 23, according to RBI data.

Indians' overseas financial assets fell $43.9 bn in July-Sep: RBI report

Indian residents' overseas financial assets saw a fall by $43.9 billion during July-September 2022 period, owing mainly due to reduction in reserves assets, according to RBI's report on India's international investment position (IIP) for September 2022, released on Friday.

The reduction in non-residents' financial assets in India though was relatively lesser at $9.6 billion.

At the same time, an increase was seen in trade credit, currency and deposits as well as overseas direct investment, the report said.

According to the report, net claims of non-residents on India rose by $34.3 billion during the second quarter of 2022-23 and stood at $389.6 billion in September 2022.

The fall in India's foreign liabilities during the second quarter of the current fiscal was mainly due to direct investment (net) outflows.

In addition to this, the report noted that variations in the exchange rate of rupee in comparison to other currencies also impacted the change in liabilities, when valued in dollar terms.