Mumbai: The foreign exchange reserves of India declined for the second week in a row. The forex reserves has reached near four month low in the week ended on September 15.
The forex reserves declined $867 million to $593.037 billion. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this. In the previous reporting week, the overall reserves dropped $4.99 billion to $593.90 billion.
On October 2021, the country’s forex kitty had reached an all-time high of $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 decreased $511 million to $525.915 billion. Gold reserves were down $384 million to $44 billion. The Special Drawing Rights (SDRs) were up $32 million to $18.092 billion. The country’s reserve position with the IMF was down $4 million to $5.03 billion in the reporting week.
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