India’s forex reserves dip by $ 1.77 billion; 9th weekly fall
This is the ninth weekly drop in the country’s foreign exchange reserves. During the week ended April 29, the forex reserves had dipped by $ 2.695 billion to $ 597.728. This is the lowest level of India’s forex reserves in a year. India’s forex reserves have fallen sharply after touching an all-time high of $ 642.453 billion on September 3, 2021.
According to the Reserve Bank of India’s weekly statistical supplement, India’s forex reserves dipped by $ 1.774 billion to $ 595.954 billion during the week ended May 6.
India’s foreign currency assets, which is the biggest component of the forex reserves, slumped by $ 1.968 billion to $ 530.855 billion during the week under review, the RBI data showed.
Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-dollar currencies like Euro, UK’s Pound Sterling and Japanese Yen held in the foreign exchange reserves.
India’s reserve position in the International Monetary Fund (IMF) dropped by $ 11 million to $ 4.990 billion during the week ended May 6.
However, the value of gold reserves rose by $ 135 million to $ 41.739 billion during the week under review.
The value of India’s Special Drawing Rights (SDRs) with the International Monetary Fund rose by $ 70 million to $ 18.370 billion during the week ended May 6, the RBI data showed. (ANI)