Excluding valuation effect, foreign exchange reserves increased $32.9 billion against a depletion of $14.7 billion during April-December 2022. Foreign exchange reserves in nominal terms (including valuation effects) increased $44 billion, as against a decrease of $44.6 billion in the corresponding period of the preceding year.
The valuation gain, reflecting the depreciation of the US 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 during April-December 2022, the RBI said.
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