Finance
India’s foreign reserves fell by USD 2.282 billion to USD 640.334 billion in the week ending April 19, marking the second consecutive week of decline, according to the Reserve Bank of India (RBI).
The reserves fell by USD 5.401 billion to USD 643.162 billion in the previous reporting week, bringing an end to a multi-week pattern of increases that saw the overall reserves reach a new all-time high of USD 648.562 billion for the week ended April 5.
In September 2021, the country’s foreign reserves reached a peak of USD 642.453 billion, which was surpassed in March of this year.
The reserves were depleted as the central bank utilized them to defend the rupee against pressures driven mostly by global events, although they have been steadily increasing in recent months.
According to data issued on Friday, foreign currency assets, a major component of reserves, fell by USD 3.793 billion to USD 560.86 billion in the week ending April 19.
Foreign currency assets, expressed in dollar terms, include the effect of non-US currency appreciation or depreciation in foreign exchange reserves, such as the euro, pound, and yen.
Gold reserves rose by USD 1.01 billion to USD 56.808 billion this week, according to the RBI.
The Special Drawing Rights (SDRs) fell by USD 43 million to USD 18.034 billion, according to the apex bank.
India’s reserve position with the IMF fell by USD 2 million to USD 4.631 billion during the reporting week, according to apex bank data.
Source:IE
