India’s forex reserves drop $2.41 billion to $637.92 billion in third consecutive week of decline

India’s foreign reserves fell by USD 2.412 billion to USD 637.922 billion on April 26, marking the third consecutive weekly loss, according to the Reserve Bank of India (RBI).

In the preceding reporting week, global reserves fell by USD 2.28 billion to USD 640.33 billion.

Following several weeks of growth, the reserves reached an all-time high of USD 648.562 billion in the week ending April 5.

The earlier high of USD 642.453 billion achieved in September 2021 got surpassed in March this year.

For the week ended April 26, the foreign currency assets — a major component of the reserves — decreased USD 1.159 billion to USD 559.701 billion, the data released on Friday showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves decreased USD 1.275 billion to USD 55.533 billion during the week, the RBI said.

The apex bank reported that Special Drawing Rights (SDRs) increased by USD 15 million to USD 18.048 billion.

India’s reserve position with the IMF increased by USD 8 million to USD 4.639 billion during the reporting week, according to apex bank data.

Source:IE