Finance
The Reserve Bank of India reported on Friday that India’s forex reserves fell by USD 1.268 billion to USD 561.583 billion for the week ending January 6.
Following two weeks of decline, total reserves increased by USD 44 million to USD 562.851 billion in the previous reporting week.
The country’s foreign exchange reserves reached an all-time high of USD 645 billion in October 2021. The reserves had been declining as the central bank used them to defend the rupee against global market pressures.
According to the RBI’s Weekly Statistical Supplement, foreign currency assets (FCA), a major component of overall reserves, fell by USD 1.747 billion to USD 496.441 billion during the week ending January 6.
Foreign currency assets, expressed in dollars, include 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 report, gold reserves increased by USD 461 million to USD 41.784 billion.
The Special Drawing Rights (SDRs) increased by USD 35 million to USD 18.217 billion, according to the apex bank.
The country’s reserve position with the International Monetary Fund (IMF) fell by USD 18 million in the reporting week to USD 5.141 billion, according to the data.
Source:BS
