Mumbai: India’s foreign exchange reserves declined in the week that ended on July 28. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this.
As per RBi data, the forex reserves fell $3.2 billion to $603.9 billion. Reserves have fallen for the second straight week after hitting their highest in over a year in the week ended July 14. India’s forex reserves declined by $1.9 billion to $607.03 billion in the week ended June 21.
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On 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.
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 fell $2.5 billion to $535.3 billion. Gold reserves fell $710 million to nearly $45 billion. Special drawing rights fell $29 million to $18.4 billion. Reserve position in the international monetary fund fell $11 million to $5.2 billion.
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