Mumbai: India’s foreign exchange reserves dropped in the week that ended on June 23. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this. The forex reserves declined by $2.901 billion to $593.198 billion. The overall forex reserves increased by $2.35 billion to $596 in the previous reporting week.
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.
The foreign currency assets declined by $2.212 billion to $525.44 billion. Gold reserves dropped $745 million to $44.304 billion. The Special Drawing Rights (SDRs) were up by $85 million to $18.334 billion. The country’s reserve position with the IMF was down by $29 million to USD 5.12 billion.
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