Finance
The Reserve Bank of India said on Friday that India’s currency reserves fell $2.901 billion to $593.198 billion in the week ending June 23.
In the previous reporting week, total reserves grew by $2.35 billion to $596 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 $2.212 billion to $525.44 billion for the week ending June 23.
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.
According to the RBI, gold reserves fell $745 million to $44.304 billion.
The Special Drawing Rights (SDRs) increased by $85 million to $18.334 billion, according to the apex bank.
The country’s reserve position with the IMF fell by $29 million to $5.12 billion in the reporting week, according to figures from the central bank.
The Special Drawing Rights (SDRs) increased by $85 million to $18.334 billion, according to the apex bank.
The country’s reserve position with the IMF fell by $29 million to $5.12 billion in the reporting week, according to figures from the central bank.
Source:BS
