Mumbai: The foreign exchange reserves of the country has touched its lowest in over a year. Forex reserves fell by $5.009 billion to $588.314 in the week ending July 1. This is the lowest since April 2021. The weekly statistical supplement data released by Reserve Bank of India (RBI).
The forex reserves surged by $2.735 billion to $593.323 in the week ended on June 24. Forex reserves declined by $5.87 billion to $590.588 billion in the week ending June 17. It was at $596.458 billion in the week ending June 10.
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The foreign exchange reserves of the country comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the country’s reserve position with the International Monetary Fund (IMF). FCA is the largest component of the forex reserves. It includes the effect of appreciation or depreciation of non-US currencies like the euro, pound, and yen held in the foreign exchange reserves.
Foreign currency assets (FCAs) declined by $4.47 billion to $524.745 billion. The gold reserves fell by $504 million to $40.422 billion . The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) slipped down by $77 million to $18.133 billion. The country’s reserve position with the IMF surged by $44 million to $5.014 billion
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