Mumbai: Foreign exchange reserves of India declined $1.318 billion to $593.749 billion in the week that ended on June 9, 2023. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this.
Forex reserves surged by $5.929 billion to $595.067 billion in the week ended on June 2. Before that the reserves had declined for two consecutive weeks. The forex kitty declined by $4.34 billion to $589.14 billion in the week ended on May 26. Reserves had fallen by $6.05 billion in the week ended May 19. This was the biggest fall in more than three months. In the week ended on May 12, the overall reserves had increased by $3.5 billion to $599.529 billion. This was their highest level since early June. Forex reserves surged by$7.196 billion to $595.976 billion in the week ended on May 5. In October 2021, the country’s forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as RBI deploys the kitty to defend the rupee amid pressures caused majorly by global developments.
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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, declined by $1.128 billion to $525.073 billion. Gold reserves declined by $183 million to $45.374 billion. The Special Drawing Rights (SDRs) were up by $2 million to $18.187 billion. The country’s reserve position with the IMF was down by $8 million to $5.115 billion.
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