Finance
The Reserve Bank of India reported on Friday that India’s forex reserves fell by USD 4.992 billion to USD 593.904 billion for the week ending September 8.
The kitty had increased by USD 4.039 billion to USD 598.897 billion in the previous reporting week.
In October 2021, the country’s foreign reserves reached an all-time high of USD 645 billion. The reserves were depleted as the central bank used them to safeguard the rupee against pressures driven mostly by global developments since last year.
According to the RBI’s Weekly Statistical Supplement for the week ending September 8, foreign currency assets, a major component of reserves, fell by USD 4.265 billion to USD 526.426 billion.
Foreign currency assets, expressed in dollars, comprise the effect of appreciation or depreciation of non-US units such as the euro, pound, and yen held in foreign exchange reserves.
According to the RBI, gold reserves fell by USD 554 million to USD 44.384 billion.
The apex bank reported a USD 134 million decrease in special drawing rights to USD 18.06 billion.
The country’s reserve position with the IMF fell by USD 39 million to USD 5.034 billion in the reporting week, according to apex bank data.
Source:FE
