Foreign Exchange Reserves Fall by $2.9 Billion to $593.19 Billion
The Reserve Bank said on Friday that India’s foreign exchange holdings decreased by USD 2.901 billion to USD 593.198 billion in the week ending June 23.
In the preceding reporting week, the total reserves climbed by USD 2.35 billion to USD 596.
It should be mentioned that the nation’s foreign exchange reserves hit an all-time high of USD 645 billion in October 2021. The reserves have been dropping as the central bank uses its funds to protect the rupee against pressures mostly brought on by international events.
According to the Weekly Statistical Supplement provided by the RBI on Friday, the foreign currency assets, a significant part of the reserves, declined by USD 2.212 billion to USD 525.44 billion for the week ending June 23.
The value of the gain or depreciation of non-US currencies like the euro, pound, and yen held in foreign exchange reserves is included in the foreign currency assets, expressed in dollar terms.
According to the RBI, gold reserves decreased by USD 745 million to USD 44.304 billion.
According to the top bank, the Special Drawing Rights (SDRs) increased by USD 85 million to USD 18.334 billion.
According to statistics from the apex bank, the nation’s reserve position with the IMF decreased by USD 29 million to USD 5.12 billion during the reporting week.
