Despite uncertainty in markets, the central bank's forex reserves umbrella has remained strong despite the fact that the Reserve Bank of India Governor Shaktikanta Das said on Friday. He said the RBI has been intervening in the forex market based on a continuous assessment of the prevailing and evolving situations. During the financial year that began April, there were about 67 per cent of the decline in reserves. There are valuation changes arising from an appreciating US dollar and higher US bond yields that cause 1 to be affected. The governor said that there was an accretion of US $4.6 billion to foreign exchange reserves on balance of payments BOP basis during Q 1: 2022 -- 23. India's other external indicators, viz. External debt to GDP ratio, net international investment position to GDP ratio, ratio of short-term debt to reserves and debt service ratio also indicate lower vulnerability as compared to most other major EMEs 6. India has the lowest external debt to GDP ratio among major EMEs. The final analysis shows that we are confident that we will meet our external financing requirements comfortably," said Das. He believes that a stable exchange rate is a beacon of financial and overall macroeconomic stability and market confidence. He said that the RBI does not have a fixed exchange rate in mind and that the exchange rate is a freely floating currency and that the exchange rate is determined by the exchange rate. The overarching focus is on maintaining macroeconomic stability and market confidence. Since July, our actions have engendered investor confidence, as reflected in the return of capital inflows. Always keep in mind the aspect of adequacy of forex reserves. The umbrella is strong. India's foreign exchange reserves were depleted by another $5.22 billion in the week to Sep 16 to hit the lowest level since October 2, 2020. Foreign exchange reserves fell for the seventh week in a row. The Reserve Bank of India data showed that the reserves stood at $545.65 billion, compared to the all-time high of $642.453 billion seen on September 3 last year. Over the two previous weeks, reserves had fallen over $15 billion. The change in the valuation of reserves held in global currencies other than the US dollar is also a factor behind this trend, as dollar outflows are the main reason behind this depletion. Foreign currency assets were valued at $484.90 billion, while reserves held in gold were valued at $38.19 billion. Deutsche Bank recently said that India's foreign exchange reserves will be deplete this year due to a ballooning current account deficit and interventions by the central bank to support the rupee. Despite the massive fall, government officials say India has large reserves to tide over the turmoil in the currency markets.