Finance
According to RBI data, India’s forex reserves fell by USD 691 million to USD 562.808 billion as of December 23, marking the second consecutive week of decline.
The overall reserves fell by USD 571 million to USD 563.499 billion in the previous reporting week, breaking a five-week trend of rising reserves.
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 pressures brought on primarily by global developments.
Foreign currency assets (FCA), a major component of overall reserves, fell by USD 1.134 billion during the week ending December 23 to USD 498.49 billion, according to the Weekly Statistical Supplement released by the RBI.
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 390 million to USD 40.969 billion.
The Special Drawing Rights (SDRs) increased by USD 8 million to USD 18.19 billion, according to the apex bank.
The country’s reserve position with the International Monetary Fund (IMF) increased by USD 45 million in the reporting week to USD 5.159 billion, according to the data.
Source:BS
