Finance
The Reserve Bank of India said on Friday that India’s foreign reserves fell by $1.318 billion for the week ending June 9 to $593.749 billion.
For the preceding reporting week, total reserves increased by $5.93 billion to $595.067 billion.
It should be mentioned that the country’s currency reserves reached an all-time high of $645 billion in October 2021. The reserves have been dwindling as the central bank uses the funds to safeguard the rupee against pressures brought on mostly by foreign events.
According to the Weekly Statistical Supplement provided by the RBI on Friday, foreign currency assets, a major component of reserves, dropped by $1.128 billion to $525.073 billion for the week ended June 9.
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.
The Reserve Bank of India reported a $183 million decrease in gold reserves to $45.374 billion.
The Special Drawing Rights (SDRs) increased by USD 2 million to $18.187 billion, according to the apex bank.
The country’s reserve position with the IMF fell by $8 million to $5.115 billion in the reporting week, according to figures from the central bank.
Source:BS
