India’s forex reserves drop $2.9 bn to $593.19 billion, shows RBI data

India’s forex reserves dropped $2.901 billion to $593.198 billion in the week ended June 23, the Reserve Bank said on Friday.

The overall reserves increased by $2.35 billion to $596 in the previous reporting week.

 

It can be noted that in October 2021, the country’s forex kitty had reached an all-time high of $645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

 

For the week ended June 23, the foreign currency assets, a major component of the reserves, decreased by $2.212 billion to $525.44 billion, according to the Weekly Statistical Supplement released by the RBI on Friday.

 

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 dropped $745 million to $44.304 billion, the RBI said.

 

The Special Drawing Rights (SDRs) were up by $85 million to $18.334 billion, the apex bank said.

 

The country’s reserve position with the IMF was down by $29 million to $5.12 billion in the reporting week, the apex bank data showed.