India’s forex reserves fell by $2.164 billion to $584.248 billion for the week ended April 21, the Reserve Bank said. | Photo Credit: V. Sudershan
India’s forex reserves fell by $2.164 billion to $584.248 billion for the week ended April 21, the Reserve Bank said on April 28.
In the previous reporting week, the total kitty increased by $1.657 billion to $586.412 billion. It can be noted that in October 2021, the country’s forex kitty reached an all-time high of $645 billion. Reserves are falling as the central bank deploys the kitty to defend the rupee amid pressures caused by global developments.
For the week ended April 21, foreign currency assets, a major component of reserves, declined by $2.146 billion to $514.489 billion, according to the Weekly Statistical Supplement released by the RBI.
Expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-US units such as the euro, pound and yen held in foreign exchange reserves.
Gold reserves fell by $24 million to $46.151 billion, the RBI said.
Special Drawing Rights (SDRs) increased by $19 million to $18.431 billion, the apex bank said.
The country’s reserve position with the IMF fell by $14 million to $5.176 billion in the reporting week, the bank’s top data showed.
